A month has gone by since the last earnings report for Outfront Media (OUT Quick QuoteOUT - Free Report) . Shares have added about 6.5% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Outfront Media due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. <p style="text-align: justify;"><strong>Outfront Media Q2 FFO and Revenues Miss Estimates</strong><br /><br />Outfront Media reported second-quarter 2018 adjusted FFO per share of 55 cents, missing the Zacks Consensus Estimate of 57 cents. Further, the figure came in lower than the year-ago tally of 56 cents.<br /><br />The company&rsquo;s results reflect lower transit and other revenues resulting from dreary environment in national advertising. Further, the revenue figure missed the Consensus mark. However, operating expenses declined on a year-over-year basis.<br /><br />Revenues in the reported quarter came in at $401.7 million, missing the Zacks Consensus Estimate of $406 million. Nevertheless, the top line inched up 1.4% from the year-ago figure.<br /><br /><strong>Quarter in Detail</strong><br /><br />Billboard revenues of $280.4 million in the quarter under review indicate a year-over-year increase of $6.2 million. Results primarily benefited from an increase in revenues from the conversion of digital billboards, acquisition of digital billboards in Canada and higher average revenues per display (yield) in U.S. Media. However, these were partially offset by lower proceeds from condemnations.<br /><br />Transit and other revenues of $121.3 million decreased marginally from the prior-year quarter. The downside resulted from fall in national advertising revenues, partially mitigated by growth in digital transit displays.<br /><br />Operating expenses of $212 million went down 0.6% year over year, mainly due to lower transit franchise expenses, relating to the New York Metropolitan Transportation Authority (MTA) billboard agreement. However, the impact was partially offset by the acquisition of digital billboards in Canada and elevated expenses associated with the Sports Marketing segment.<br /><br />Adjusted operating income, before depreciation and amortization, climbed 2.6% year over year to $125.2 million.<br /><br />Net cash flow, resulting from operating activities for the six months ending Jun 30, 2018, came in at $68.2 million, down from $79.1 million recorded in the comparable period last year. Results were affected primarily due to prepaid expenses under the MTA agreement, partially offset by improvement in working capital items.<br /><br />As of Jun 30, 2018, Outfront Media&rsquo;s liquidity position comprised cash of $41.7 million and $295.2 million of availability under its $430 revolving credit facility, net of $65.8 million of issued letters of credit. The company also has an unused $300.0 million at-the-market equity offering program.</p>

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed an upward trend in fresh estimates.

VGM Scores

At this time, Outfront Media has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of this revision looks promising. Notably, Outfront Media has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.