Q3 2015 Results, @OutfrontMedia
Gail Chiasson, North American Editor
OUTFRONT Media Inc. has reported results for the quarter ended Sept. 30, 2015, showing revenues of $386.7 million, up 14.9% on a reported basis
“As expected, third quarter results saw continued strength in transit and a return to growth in billboards, and we are pleased to see an improving trend into the fourth quarter,” says Jeremy Male, chairman and CEO, OUTFRONT Media. “In addition to digital and data initiatives, we are re-focusing the business even further through the recently announced sale of our Latin America business. Together with other strategic initiatives, we expect 2016 to bring increased solutions for advertisers, value for transit franchise partners, and returns for OUTFRONT shareholders.”
The reported revenues of $386.7 million increased $50.2 million, or 14.9%, for the third quarter of 2015 as compared to the same prior-year period. On an organic basis, revenues of $335.8 million for the third quarter of 2015 were up 2.5% compared to the same prior-year period.
Reported billboard revenues of $278.3 million increased $38.6 million, or 16.1%, due to acquisitions and increased revenues from digital, partially offset by foreign currency exchange losses. On an organic basis, billboard revenues were up 0.2% compared to the third quarter of 2014 due to higher U.S. billboard results offset by lower International results.
Reported transit and other revenues of $108.4 million increased $11.6 million, or 12.0%, due to stronger U.S. market conditions in local and national advertising, as well as acquisitions. On an organic basis, transit and other revenues increased 8.1% over the third quarter of 2014.
Total Operating expenses of $209.3 million grew $32.1 million, or 18.1%, primarily as a result of acquisitions and higher transit franchise expenses driven by higher transit revenues. Selling, General and Administrative expenses (“SG&A”) of $67.2 million grew$12.1 million, or 22.0% over the three months ended September 30, 2014, primarily as a result of acquisitions, a $1.9 millionincrease in strategic business development expenses, $1.0 million of stand-alone costs, and $3.2 million in legal expenses.
Reported Adjusted OIBDA of $113.9 million increased $7.0 million, or 6.5%.
Male was keynote speaker at the DailyDOOH Investor Conference. Nov.4/15 during New York Digital Signage Week
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