Earnings ·
Lamar raises full-year AFFO per share guidance to $8.87-$8.97 after Q3 net income of $165M
LAMRLamar Advertising Co
Lamar Advertising reported third-quarter net revenues of $624.5 million and net income of $165.0 million, representing increases of 6.6% and 14.5%, respectively, compared to the prior year period. Adjusted EBITDA rose 9.3% to $306.9 million, while diluted AFFO per share increased 9.5% to $2.41. Following these results and a strong start to the fourth quarter, the company raised its full-year adjusted funds from operations (AFFO) per diluted share guidance to a range of $8.87 to $8.97, up from previous estimates. The firm also updated its full-year diluted earnings per share expectation to between $6.01 and $6.04. Lamar Advertising is a leading owner and operator of outdoor advertising and logo sign displays across the United States and Canada.