CBS Outdoor Americas Inc. Skids On Q3 Rev Warning

CBS Outdoor Americas Inc.

warned investors Wednesday that third-quarter revenue will be lower than expected because of a weak market. In the morning session, CBS Outdoor shares fell recently more than 3 percent to $32.01 a piece. The New York-based billboard company expects revenue for the period ending Sept. 30 will be flat compared with the year-earlier $338.2 million. Last month the company forecast third-quarter revenue growth "in the low single digits." "National advertising has improved slightly from the second quarter, but the the overall market is not as strong as expected," Chief Executive Jeremy Male told analysts at a Goldman Sachs conference in New York Wednesday. Male said the company expects to complete four so-called tuck-in acquisitions by the end of this year, for a total of $20 million. The deals include a previously announced acquisition of billboards in Chicago.