Out of home (OOH) giant oOh!Media has upgraded its full year earnings forecast.
The outdoor player now expects an underlying EBITDA of between $138 million and $143 million. In August this year, the guidance provided was between $125 million to $135 million.
However, this upgraded guidance is still less than oOh!’s original expectations. In February, oOh! predicted an EBITDA of between $152 million and $162 million for 2019.
Yet challenging market conditions in the advertising sector resulted in decreased bookings in the third and fourth quarters, causing the company to lower its guidance.
Now, according to oOh!, things have picked up quicker than expected in the fourth quarter of 2019, which has softened August’s blow.
The OOH giant kept its original forecast of a five to seven per cent growth in operational expenditure, while capital expenditure is expected to come in at the lower end of the originally-forecast $55 million to $70 million.
