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Friday, March 29, 2024

CBS Outdoor Americas Inc Skids On Q3 Revenue Warning

Courtesy of Benzinga.

CBS Outdoor Americas Inc (NYSE: CBSO) warned investors Wednesday that third-quarter revenue will be lower than expected because of a weak market.

CBS Outdoor shares fell more than 3.9 percent to $31.77 a piece.

The New York-based billboard company expects revenue for the period ending September 30 will be flat compared with the year-earlier $338.2 million. Last month the company forecast third-quarter revenue growth "in the low single digits."

"National advertising has improved slightly from the second quarter, but the the overall market is not as strong as expected," Chief Executive Jeremy Male told analysts at a Goldman Sachs conference in New York Wednesday.

Male said the company expects to complete four so-called tuck-in acquisitions by the end of this year, for a total of $20 million. The deals include a previously announced acquisition of billboards in Chicago.

Posted-In: News Guidance

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