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Lamar Advertising Q4 Results Top Estimates

RTTNews | 527 days ago

Lamar Advertising Q4 Results Top Estimates

(RTTNews) - 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.

Funds from operations, or FFO, for the quarter were $213.7 million, compared to $195.2 million last year. Adjusted funds from operations, or AFFO, were $215.0 million or $2.10 per share, compared to $194.5 million or $1.91 per share in the year-ago quarter.

On average, three analysts polled by Thomson Reuters expected the company to report earnings of $1.35 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter increased 3.8 percent to $555.9 million from $535.5 million in the same quarter last year. Analysts expected revenues of $547.66 million for the quarter.

Acquisition-adjusted net revenue for the fourth quarter increased 2.5 percent.

Looking ahead to fiscal 2024, the company now projects earnings in a range of $5.02 to $5.07 per share and AFFO in a range of $7.67 to $7.82 per share. The Street is looking for earnings of $5.19 per share for the year.

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

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