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Dec 31, 2023
Outfront Media Q4 2023 Earnings Report
Reported fourth quarter revenues at the higher end of guidance due to strength in local business and automated sales channels, which offset the headwind created by the media strikes.
Key Takeaways
OUTFRONT Media Inc. reported Q4 2023 results with revenues of $501.2 million, a net income of $60.4 million, and earnings per diluted share of $0.35. The company's local business and automated sales channels showed strength, offsetting headwinds from media strikes. They also approved a quarterly cash dividend of $0.30 per share.
Revenues for the fourth quarter reached $501.2 million.
Net income attributable to OUTFRONT Media Inc. was $60.4 million, with earnings per diluted share at $0.35.
Adjusted OIBDA stood at $151.7 million.
AFFO attributable to OUTFRONT Media Inc. was $108.1 million.
Outfront Media
Outfront Media
Outfront Media Revenue by Segment
Revenue by Segment
Billboard Revenue
CapyFin.comTransit Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
OUTFRONT Media anticipates a strong media market in 2024, expecting to benefit from an accelerating business environment.
Positive Outlook
- Business is accelerating in early 2024.
- Anticipation of benefiting from a strong media market.
- Strength in our local business
- Strength in automated sales channels
- Out-of-home industry will benefit from a strong media market this year
Challenges Ahead
- Headwind created by the media strikes.
- Impairment charge of $11.2 million in the fourth quarter of 2023
- Higher interest rates
- Higher debt balance
- Total indebtedness as of December 31, 2023 was $2.8 billion
Revenue & Expenses
Visualization of income flow from segment revenue to net income