Nov. 4, 2014, 5:00 p.m. EST

CBS Outdoor Americas posts flat revenue

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By Josh Beckerman

CBS Outdoor Americas Inc. said its third-quarter revenue was essentially flat as softer national trends were offset by solid local growth and notable improvement internationally.

The outdoor advertising company, which was spun off by broadcaster CBS Corp. earlier this year, began operating as a real-estate investment trust in July, lowering its expected effective tax rate.

CBS Outdoor is changing its name to Outfront Media and is planning to change its ticker symbol to OUT later this month.

Third-quarter adjusted funds from operations rose to 58 cents a share from 56 cents.

For the quarter ended Sept. 30, revenue was $336.5 million. This was a 0.5% decline on a reported basis and a 0.2% increase on a comparable basis, the company said.

Net income rose to $248.3 million, or $2.06 a share, from $37.2 million, or 31 cents, with the increase reflecting a large tax benefit related to the REIT conversion. The company said net income on a comparable basis declined to $25.9 million from $33 million.

CBS Outdoor Chief Executive Jeremy Male said in August national trends in the third quarter were better than the second quarter, but said revenue growth was expected to again be in the low-single digit range. "It does seem to be the whole industry has maybe been a little bit wrong-footed this year," he said in a conference call at the time.

Write to Josh Beckerman at

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