Lamar Advertising Q4 Profit Halves

RTTNews | 889日前

(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

タグ: 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 | 525日前

European Stocks Close Sharply Lower As Trump's Tariff Move Hurts Sentiment

European stocks tumbled on Friday, recording one of their worst sessions in several months, as sweeping fresh tariffs announced by U.S. President Donald Trump raised fears of a global economic slowdown, prompting investors to press selling across the board.

RTTNews | 2時3分前

Canadian Market Remains Firmly Down In Negative Territory On Tariff Worries

The Canadian market got off to a weak start Friday morning and slipped deeper into the red subsequently, as U.S. President Donald Trump's sweeping tariff announcement rendered the mood bearish.

RTTNews | 3時34分前

U.S. Construction Spending Unexpectedly Sees Further Downside In June

The Commerce Department released a report on Friday unexpectedly showing a continued decrease by U.S. construction spending in the month of June. The report said construction spending fell by 0.4 percent to an annual rate of $2.136 trillion in June after sliding by 0.5 percent to a revised rate of $2.144 trillion in May.

RTTNews | 4時47分前

U.S. Consumer Sentiment Improves Marginally Less Than Previously Estimated In July

Revised data released by the University of Michigan on Friday showed consumer sentiment in the U.S. improved marginally less than previously estimated in the month of July. The University of Michigan said its consumer sentiment index for July was downwardly revised to 61.7 from a preliminary reading of 61.8. Economists had expected the index to be upwardly revised to 62.0.

RTTNews | 4時51分前

U.S. Manufacturing Index Unexpectedly Dips To Nine-Month Low In July

Manufacturing activity in the U.S. unexpectedly contracted at a slightly faster rate in the month of July, according to a report released by the Institute for Supply Management on Friday. The ISM said its manufacturing PMI edged down to 48.0 in July after inching up to 49.0 in June with a reading below 50 indicating contraction.

RTTNews | 4時53分前

Eurozone Inflation Steady At 2% ECB Target

Euro area consumer price inflation was unchanged at the European Central Bank's 2 percent target in July, easing the pressure for more easing. The harmonized index of consumer prices increased 2.0 percent year-on-year in July, the same rate of increase as seen in June. Inflation was forecast to ease marginally to 1.9 percent.

RTTNews | 5時40分前

U.S. Job Growth Misses Estimates In July, Previous Months' Numbers Revised Sharply Lower

Job growth in the U.S. fell well short of economist estimates in the month of July, according to a closely watched report released by the Labor Department on Friday. The Labor Department said non-farm payroll employment rose by 73,000 jobs in July, while economists had expected employment to jump by 110,000 jobs.

RTTNews | 5時48分前

EURUSD	1.15711	GBPUSD	1.32627	AUDUSD	0.64559
USDJPY	147.385	USDCAD	1.37968	USDCHF	0.80507

Advertisement

Lamar Advertising Q4 Profit Halves