Outfront Media: 3Q Earnings Snapshot
NEW YORK (AP) _ Outfront Media Inc. (OUT) on Monday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $92.6 million, or 64 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 65 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $38.7 million, or 27 cents per share.
The billboard, transit and digital display advertising company, based in New York, posted revenue of $462.5 million in the period, which beat Street forecasts. Four analysts surveyed by Zacks expected $460.6 million.
The company’s shares have risen 47% since the beginning of the year. In the final minutes of trading on Monday, shares hit $26.59, an increase of 48% in the last 12 months.