Organizational Restructuring
OUTFRONT Media underwent a large internal reorganization, rebranding their sales teams and centralizing operational and real estate functions to improve efficiency and focus on revenue growth.
Transit Revenue Growth
Transit revenue grew 5.6% with digital revenues up 17%, indicating strong performance in this segment despite challenges in other areas.
Digital Revenue Increase
Digital revenues grew by 1.5% and would have grown by about 5% excluding exited contracts, with automation and digitization efforts contributing to nearly 20% growth in programmatic and digital direct automated sales.
Cost Savings from Restructuring
The company expects an annualized expense savings of approximately $18 million to $20 million from recent restructuring efforts, enhancing financial flexibility.
Positive Outlook for Q3
OUTFRONT Media expects third quarter revenue growth to accelerate, with a low single-digit increase in consolidated revenues and double-digit growth in transit.