Q1 Reports From CCO, Lamar, and Outfront
Clear Channel Outdoor Holdings, Inc. has reported its financial results for the first quarter of 2023, highlighting strong execution by the team and healthy demand from advertisers, particularly for digital assets. The out-of-home industry has shown resilience, with advertisers recognizing the benefits of digital technology and aiming to tap into the growing audiences. The company is focused on executing its operating plan and exploring ways to enhance its balance sheet and maximize business value. The recent divestiture of the Switzerland business will contribute to improving liquidity. While country-level growth rates may vary, the company remains optimistic about all business segments and expects solid growth in the coming year, except for adjustments related to the sale of Switzerland and reduced capital expenditures. CCO Q1
In the first quarter of 2023, Lamar reported net revenues of $471.3 million, showing a 4.4% increase compared to the same period in 2022. However, operating income decreased by $1.7 million to $118.8 million, and net income also declined from $92.2 million in 2022 to $76.2 million in 2023, primarily due to a rise in interest expenses. Adjusted EBITDA increased by 3.5% to $198.0 million. Cash flow from operating activities rose to $108.7 million, an increase of $6.7 million, while free cash flow decreased by 15.8% to $113.3 million. Funds from operations (FFO) and adjusted funds from operations (AFFO) decreased by 8.2% and 5.2% respectively, with diluted AFFO per share decreasing by 6.0% to $1.41 for the first quarter of 2023. LAMAR Q1
OUTFRONT Media Inc. announced its financial results for the first quarter of 2023, reporting net revenues of $395.8 million, operating income of $10.2 million, and a net loss of $28.9 million attributable to the company. Adjusted OIBDA was reported at $60.2 million, and AFFO attributable to OUTFRONT Media Inc. amounted to $8.8 million. Chairman and CEO Jeremy Male expressed satisfaction with the first-quarter revenues, which exceeded expectations, and remained optimistic about the company’s momentum and future prospects despite uncertainties in the macroeconomic environment. OUTFRONT Media also declared a quarterly dividend of $0.30 per share, payable on June 30, 2023. OUTFRONT Q1