Q1 2024 OUTFRONT Media Inc Earnings Call Transcript
Key Points
- Total consolidated revenue grew by 3.2% during the quarter, indicating steady growth in billboard and transit segments.
- Adjusted EBITDA increased by more than 10% year-over-year, with significant contributions from both billboard and transit operations.
- Digital performance was strong with digital revenue growing 8.3% in the quarter, representing 31% of total revenues.
- Local advertising continued to perform exceptionally well, driving growth with a 7.5% increase during the quarter.
- The company successfully added 35 digital billboards in the US, increasing the total to over 1,900, and over 2,500 digital displays in the US transit sector.
- National revenues declined by 2.3%, primarily due to weaker billboard trends in some larger markets.
- Other segment revenue was down 2.6% due to much lower digital equipment sales during the quarter.
- Posting, maintenance, and other expenses were up 6% versus the prior year, primarily due to higher compensation related expenses and utilities costs.
- Corporate expense increased by just over $3 million due to higher professional fees and the unfavorable impact of market fluctuations on an unfunded equity index-linked retirement plan.
- Despite improvements, the transit segment reported a $15.3 million loss, although this was an improvement over the previous year's $20.5 million loss.
Hello, everyone, and welcome to the Outfront Media first quarter 2020 for Bunnings call. My name is Henry, and I will be your conference operator today. If you'd like to enter the queue for questions you may do so by pressing star one on your telephone keypad is now my pleasure to hand you over to Stefan piece. Once we get, please go ahead.
Good afternoon, and thank you for joining our 2024 first quarter earnings call. With me on the call today are Jeremy Male, Chairman and Chief Executive Officer, and Matthew Siegel, Executive Vice President and Chief Financial Officer. After a discussion of our financial results, we'll open the lines for a question and answer session. Our comments today will refer to the earnings release and the slide presentation that you can find on the Investor Relations section of our website, Outfront.com. After today's call has concluded, a replay will be available there as well.
This conference call may include forward-looking statements. Relevant factors that could cause actual results
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