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Outfront Media: 2Q Earnings Snapshot

Last Updated Aug 5, 2020 at 5:30 pm EDT

NEW YORK (AP) _ Outfront Media Inc. (OUT) on Wednesday reported a loss in a key measure in its second quarter. The results exceeded Wall Street expectations.

The real estate investment trust, based in New York, said it had a funds from operations loss of $21.3 million, or 15 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for a funds from operations loss of 17 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had a loss of $57.9 million, or 40 cents per share.

The billboard, transit and digital display advertising company, based in New York, posted revenue of $232.9 million in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $239.8 million.

The company’s shares have fallen 45% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $14.65, a drop of 44% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on OUT at https://www.zacks.com/ap/OUT

The Associated Press