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Nov. 4, 2014, 4:24 p.m. EST

CBS Outdoor Americas profit jumps, boosted by a big reversal of deferred taxes

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By Tomi Kilgore

NEW YORK (MarketWatch) -- CBS Outdoor Americas reported Tuesday a third-quarter net profit of $248.3 million, or $2.06 a share, up from $37.2 million, or 31 cents a share, in the year-earlier period. Comparable per-share earnings, which excludes a $232.3 million reversal of deferred taxes and other non-recurring items, fell to 21 cents from 27 cents. Analysts surveyed by FactSet were expecting, on average, earnings per share of 26 cents. The billboard and transit outdoor advertising services provider said revenue for the quarter ended Sept. 30 slipped to $336.5 million from last year's $338.2 million, topping analyst forecasts of $335.9 million. Adjusted funds from operations declined to $70.2 million from $78.2 million. The stock, which was little changed in after-hours trade, has fallen 7.4% over the past three months through Tuesday, while the S&P 500 has gained 3.8% over the same time.

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