Lamar Advertising Q4 Profit Halves

RTTNews | 894天前

(RTTNews) - Billboard firm Lamar Advertising Co. (LAMR) reported on Friday that profit for the fourth quarter nearly halved from last year, hurt by steeply higher depreciation and amortization expenses, despite an 8 percent revenue growth. The company also initiated financial guidance for the full-year 2023. "We delivered solid financial results for the fourth quarter, with strong local sales offsetting weakening demand from national customers," said Sean Reilly, Chief Executive.

For the fourth quarter, net income plunged to $66.01 million or $0.65 per share from $123.22 million or $1.21 per share in the prior-year quarter.

Funds from operations, or FFO, for the quarter were $195.20 million, compared to $183.56 million last year. Adjusted funds from operations, or AFFO, were $194.54 million or $1.91 per share, compared to $180.68 million or $1.78 per share in the year-ago quarter.

On average, three analysts polled by Thomson Reuters expected the company to report earnings of $1.29 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter increased 8.3 percent to $535.51 million from $494.57 million in the same quarter last year. Analysts expected revenues of $542 million for the quarter.

Acquisition-adjusted net revenue for the fourth quarter increased 4.6 percent.

During the quarter, Lamar completed 19 acquisitions for a total purchase price of approximately $192 million.

On Thursday, the Company's Board of Directors authorized Lamar's renewal to repurchase up to $250 million of the Company's Class A common stock through September 30, 2024. The Board of Directors also authorized the renewal of Lamar Media's ability to repurchase up to $250 million of outstanding senior notes and other indebtedness outstanding through September 30, 2024.

Looking ahead to fiscal 2023, the company now projects earnings in a range of $5.14 to $5.21 per share and AFFO in a range of $7.40 to $7.55 per share.

The Street is looking for earnings of $5.21 per share on revenues of $2.13 billion for the year.

"For 2023, we anticipate solid revenue growth and moderating expense growth," said Reilly.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

標籤: LAMR

Lamar Advertising Q4 Results Top Estimates

Billboard firm Lamar Advertising Co. (LAMR) reported on Friday that net income for the fourth quarter surged to $149.3 million or $1.46 per share from $66.1 million or $0.65 per share in the prior-year quarter.

RTTNews | 530天前

Swiss Market Ends Notably Lower

Save for a few minutes about an hour after the opening bell, the Switzerland market stayed weak on Wednesday with several stocks reeling under selling pressure. Investors were cautious amid concerns about the impact of U.S. tariffs, and Donald Trump's fresh threat that his government might consider imposing tariffs on chips and pharmaceuticals.

RTTNews | 1小時1分鐘前

European Stocks Close Mostly Higher On Earnings, Fed Rate Cut Hopes

European stocks closed mostly higher on Wednesday, thanks largely to some strong corporate earnings updates, and expectations of an interest rate reduction by the Federal Reserve in September.

RTTNews | 1小時31分鐘前

Canadian Stocks Surge Higher Again; TSX Scales New Record High

Canadian stocks are up firmly in positive territory on Wednesday, and the benchmark S&P/TSX Composite Index stays high up after hitting a fresh record. Rising optimism about a rate cut by the Federal Reserve in September, firm oil prices and some upbeat corporate earnings announcements are contributing to the positive mood in the market.

RTTNews | 2小時21分鐘前

India Holds Key Interest Rates Steady As Trade Tensions Escalate

The Reserve Bank of India left its key interest rates unchanged on Wednesday after an aggressive cut in June as the economy faces another threat from the US due to its Russian oil imports. The RBI Monetary Policy Committee, led by Governor Sanjay Malhotra, unanimously decided to hold the policy repo rate at 5.50 percent. The bank had reduced the rate by 50 basis points in June.

RTTNews | 4小時53分鐘前

Bay Street Looks Set To Extend Upmove

Canadian shares look headed for a positive start on Wednesday, riding on some impressive corporate earnings updates, and higher oil prices. The focus will also be on the developments on the trade front.

RTTNews | 6小時21分鐘前

Eurozone Retail Sales Recover In June

Euro area retail sales rebounded in June suggesting that household spending likely supported economic growth in the second quarter, official data revealed on Wednesday. Retail sales grew 0.3 percent on a monthly basis in June, offsetting May's 0.3 percent decline, Eurostat said. However, this was marginally weaker than economists' forecast for a 0.4 percent increase.

RTTNews | 6小時31分鐘前

Euro Rises As European Shares Traded Higher

The euro strengthened against other major currencies in the European session on Wednesday, as European shares traded higher despite weak factory orders data from Germany and fresh tariff threats from U.S. President Donald Trump on pharma and chips. Some upbeat earnings announcements and expectations of a Fed interest rate cut next month appear to be aiding sentiment.

RTTNews | 7小時4分鐘前

EURUSD	1.16612	GBPUSD	1.3363	AUDUSD	0.65048
USDJPY	147.046	USDCAD	1.37418	USDCHF	0.80636

Advertisement

Lamar Advertising Q4 Profit Halves