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Stock Alert: Outfront Media Gains After Contract Win

Shares of Outfront Media Inc. (OUT), an outdoor media company operating in markets including the United States, Canada, and Latin America, hit a new high of $30.47 on Wednesday before closing at $30.16. The stock is up nearly 50% year-to-date.

On January 21, the company was awarded a 10-year advertising contract by the Washington Metropolitan Area Transit Authority (WMATA), starting from July 2020. OUTFRONT Media has been operating the current contract since July 2014.

Washington, D.C. is the sixth-largest market in the US according to Nielsen Media Research with the WMATA network of 1,100 railcars and 1,648 buses supported 295 million passenger trips in 2018.

Outfront Media website fetched two prestigious awards last year- got Silver in Davey Awards for 'Professional Services Website and won Platinum in the 2019 dotCOMM Awards for 'Business to Business Website.' The Davey Awards focus on intelligence, out-of-the-box thinking, and exceptional execution, while the dotCOMM Awards honor excellence in web creativity and digital communication.

In the third quarter ended September 30, 209 the company's revenue had increased to $462.5 million from $414.2 million in the corresponding quarter last year. Earnings, however, dropped on higher expenses.

Outfront Media is expected to report fourth-quarter results on February 25.

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