OUTFRONT Media Inc (OUT) has reported a 79.72 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $38.10 million, or $0.28 a share in the quarter, compared with $21.20 million, or $0.15 a share for the same period last year.
Revenue during the quarter went down marginally by 1.01 percent to $382.80 million from $386.70 million in the previous year period.
Total expenses were $319.30 million for the quarter, down 4.40 percent or $14.70 million from year-ago period. Operating margin for the quarter expanded 296 basis points over the previous year period to 16.59 percent.
Operating income for the quarter was $63.50 million, compared with $52.70 million in the previous year period.
“Improving yields helped deliver 2.3% organic revenue growth in the third quarter, which translated into significantly higher OIBDA and AFFO growth. We expect 2016 AFFO to come in at - or slightly above - the top end of our guidance, while we continue to invest in our business,” said Jeremy Male, chairman and chief executive officer of OUTFRONT Media. “We see national advertising improving in the fourth quarter, and are encouraged by the productive conversations we are having with our clients regarding their out-of-home advertising campaigns in 2017.”
Operating cash flow improves
OUTFRONT Media Inc Media has generated cash of $200.70 million from operating activities during the nine month period, up 13.78 percent or $24.30 million, when compared with the last year period.
The company has spent $19.90 million cash to meet investing activities during the nine month period as against cash outgo of $45.30 million in the last year period.
The company has spent $209.30 million cash to carry out financing activities during the nine month period as against cash outgo of $50.80 million in the last year period.
Cash and cash equivalents stood at $73.10 million as on Sep. 30, 2016, down 31.30 percent or $33.30 million from $106.40 million on Sep. 30, 2015.
Net receivables were at $216.50 million as on Sep. 30, 2016, down 4.67 percent or $10.60 million from year-ago. Accounts payable was almost stable over the past one year at $71 million on Sep. 30, 2016.
Total assets declined 5.98 percent or $240 million to $3,770.30 million on Sep. 30, 2016. On the other hand, total liabilities were at $2,518.90 million as on Sep. 30, 2016, down 5.88 percent or $157.40 million from year-ago.
Return on assets moved down 24 basis points to 1.01 percent in the quarter. At the same time, return on equity moved up 146 basis points to 3.04 percent in the quarter.
Debt comes down
Total debt was at $2,165.50 million as on Sep. 30, 2016, down 5.92 percent or $136.20 million from year-ago. Shareholders equity stood at $1,251.40 million as on Sep. 30, 2016, down 6.19 percent or $82.60 million from year-ago. As a result, debt to equity ratio went up 1 basis points to 1.73 percent in the quarter.
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