Outfront Media: 2Q Earnings Snapshot
NEW YORK (AP) _ Outfront Media Inc. (OUT) on Monday reported a key measure of profitability in its second quarter.
The real estate investment trust, based in New York, said it had funds from operations of $96.3 million, or 67 cents per share, in the period.
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 $50.3 million, or 35 cents per share.
The billboard, transit and digital display advertising company, based in New York, posted revenue of $459.9 million in the period, topping Street forecasts. Four analysts surveyed by Zacks expected $452.3 million.
The company’s shares have climbed 44% since the beginning of the year. In the final minutes of trading on Monday, shares hit $26.05, a climb of 25% in the last 12 months.