OUTFRONT Media Reports Q1 2015 Results
Gail Chiasson, North American Editor
OUTFRONT Media Inc., New York, has reported results for the quarter ended March 31, 2015, showing revenues of $343.9 million, up 19.5% over Q1 a year ago.
“First quarter results showed solid improvements in our organic revenue growth, both in the U.S. and internationally, and in our acquired businesses,” says Jeremy Male, chairman and CEO. “Our U.S. transit business, in particular, was up strongly as both national and local advertisers increased spending on this impactful medium. We are pleased to be able to return healthy dividends while continuing our investment in new technologies to drive growth and long-term shareholder value.”
Within the reported revenues of $343.9 million. on an organic basis, revenues of $297.0 million for the first quarter of 2015 were up 4.9%.
Reported billboard revenues of $246.9 million increased $41.8 million, or 20.4%, due to acquisitions and increased revenues from digital, partially offset by foreign currency exchange losses. On an organic basis, billboard revenues were up 1.7% compared to the first quarter of 2014.
Reported transit and other revenues of $97.0 million increased $14.2 million, or 17.1%, due to acquisitions and stronger market conditions, particularly in national advertising. On an organic basis, transit and other revenues increased 12.8% over the first quarter of 2014.
Total Operating expenses of $198.8 million grew $35.3 million, or 21.6%, primarily as a result of acquisitions and higher transit franchise expenses driven by higher transit revenues.
Looking at the US market, reported revenues of $313.9 million increased $58.9 million, or 23.1%, for the first quarter of 2015 as compared to the same prior-year period. On an organic basis, revenues were $267.0 million for the first quarter of 2015, an increase of 5.0% from the same prior-year period, reflecting growth in digital revenues, and strong national transit advertising sales. On an organic basis, billboard revenues were up 1.4% and transit and other revenues were up 13.3% compared to the first quarter of 2014.
Internationally, reported revenues of $30.0 million decreased $2.9 million, or 8.8%, in the first quarter of 2015 as compared to the same prior-year period due to the impact of foreign currency exchange. Organic revenues increased $1.0 million, or 3.4%, led by solid growth in Canada and Mexico. On an organic basis, billboard revenues were up 3.6% and transit and other revenues were up 2.4% compared to the first quarter of 2014.
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