Overview

* OUTFRONT Media ( OUT ) Q3 revenue grows 3.5%, beating analyst expectations

* Adjusted FFO for Q3 beats analyst estimates, reflecting strong operational performance

* Transit segment revenue rises 23.7%, driven by NYC performance

Outlook

* OUTFRONT Media ( OUT ) expects to close the year with momentum

* Company sees continued strength in transit revenues

Result Drivers

* TRANSIT REVENUE - Transit segment revenues increased 23.7% due to higher average revenue per display and new transit franchise contracts

* BILLBOARD REVENUE DECLINE - Billboard segment revenues decreased 2.2% due to lost billboards and lower proceeds from condemnations

* COST MANAGEMENT - Operating expenses decreased due to lower variable property lease expenses

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $467.50 $458.32

Revenue mln mln (5

Analysts

)

Q3 EPS $0.29

Q3 Net $51.30

Income mln

Q3 Beat $100.30 $0.41 (4

Adjusted mln Analysts

FFO )

Q3 FFO $99.70

mln

Q3 $89.90

Operatin mln

g Income

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the specialized reits peer group is "buy"

* Wall Street's median 12-month price target for OUTFRONT Media Inc ( OUT ) is $20.00, about 12.1% above its November 5 closing price of $17.59

* The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 21 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)