“We were pleased with our first quarter, especially with transit which returned to solid growth after what proved to be a rather difficult 2023” was how OUTFRONT CEO Jeremy Male summarized the first quarter of 2024. Here are the results from the OUTFRONT 1Q 2024 earnings release, OUTFRONT 1Q 2024 earnings presentation and conference call.
- Revenue increased 3.2% to $409 million in 1Q 2024. Billboard revenues grew 2.6%. Transit revenues grew 6%. The company’s billboard yield increase by 3% to $2,575 during 1Q 2024.
- Adjusted EBIDTA grew 11% to $67 million in the first quarter due to lower transit franchise expense and travel and entertainment expenses.
- OUTFRONT took an additional impairment charge of $9.1 million on the MTA contract during the first quarter of 2024.
- OUTFRONT had $2.7 million of debt at 3/31/24 with a 5.7% weighted average cost. The company’s net leverage ratio was 5.4.
OUTFRONT CEO Jeremy Male on what’s up and what’s down
…Our best performing categories in the first quarter were legal services, retail service providers, government/political and entertainment. On the weaker side were utilities, real estate, travel and health/medical.
Male on signs that San Francisco is finally starting to improve.
Tech was up slightly in in San Francisco…there are more positive stories coming out of San Francisco right now…our growth…in San Francisco was from our local salesforce who did a great job
Billboard Insider’s take: Nice to see OUTFRONT’s expenses moderating but revenue growth is weak. OUTFRONT finished the day down 1.5%. Clear channel Outdoor grew 6.9%, Lamar grew 1%, The S&P 500 grew 0.9%.
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