Boston Omaha Corp. reported third-quarter earnings per share that fell $0.02 short of Wall Street estimates, while revenue also undershot projections.
The diversified holding company, which operates in broadband, billboard advertising and insurance sectors, posted adjusted earnings of $0.58 per share, compared with the $0.60 per share expected by analysts surveyed by Refinitiv. Revenue totaled $128.3 million, below the $132.5 million forecast.
The results mark the fourth consecutive quarter in which Boston Omaha has missed both earnings and revenue estimates, reflecting persistent challenges in its core businesses. The company’s broadband segment, which has been a key growth driver, reported slower subscriber additions amid competitive pricing pressure in the industry.
Billboards and insurance segments also contributed to the revenue shortfall, with advertising demand remaining subdued in certain markets. Management noted that macroeconomic headwinds, including elevated interest rates and inflation, have weighed on advertising spending and consumer discretionary income.
Boston Omaha’s stock, which has underperformed broader markets this year, extended declines in after-hours trading following the report. The shares were down approximately 3% in extended hours after closing the regular session at $28.45, near the lower end of its 52-week range.
Analysts at Stifel reiterated a hold rating on the stock, citing valuation concerns and execution risks despite the company’s long-term strategy in broadband infrastructure. The firm maintained a $30 price target, which implies limited upside from current levels.
Boston Omaha has not provided updated guidance for the full year, though executives are expected to address investor concerns in a conference call scheduled for later this week.
