From GlobeNewswire: 2024-11-08 06:00:00

Lamar Advertising Company announced their third quarter results, with net revenues of $564.1 million, net income of $147.8 million, and adjusted EBITDA of $271.2 million. Quarter highlights include a 4.0% increase in net revenues and a 5.3% increase in net income.

For the nine-month period, Lamar reported net revenues of $1.63 billion, net income of $363.9 million, and adjusted EBITDA of $754.6 million. Operating income for the nine months was $495.4 million, a $11.7 million increase from the previous year.

Cash flow provided by operating activities for the third quarter was $227.4 million, a $4.8 million increase from the same period in 2023. Free cash flow also increased by 9.4% to $198.1 million. Funds from operations for the quarter were $214.0 million, while adjusted funds from operations increased by 5.7% to $220.7 million.

Acquisition-adjusted net revenue and EBITDA for the third quarter of 2024 increased by 3.6% and 1.8%, respectively, over the same period in 2023. The company saw growth in revenue and income, with net revenues increasing to $1.63 billion for the nine months ending September 30, 2024, and net income rising to $363.9 million. In the nine months ending September 30, 2024, net income per diluted share was $3.54 compared to $3.39 in 2023. Adjusted EBITDA for the same period in 2024 was $754.6 million, a 5.2% increase from 2023. Cash flow provided by operating activities saw a $64.9 million increase to $594.3 million.

For the nine months ending September 30, 2024, Lamar reported funds from operations of $571.7 million, a 3.2% increase from 2023. Adjusted funds from operations for the same period was $592.5 million, up by 8.3%. Diluted AFFO per share also increased by 7.8% to $5.78 in 2024.

Lamar had $450.7 million in total liquidity as of September 30, 2024, with $421.2 million available for borrowing and $29.5 million in cash. The company had $320.0 million in borrowings under its revolving credit facility and $249.8 million outstanding under the Accounts Receivable Securitization Program.

On October 15, 2024, Lamar extended its Accounts Receivable Securitization Program maturity date to October 15, 2027, with unchanged terms. The company revised its 2024 guidance, expecting net income per diluted share to be between $4.97 and $4.99, and diluted AFFO per share to be between $7.85 and $7.95.

This press release contains forward-looking statements about sales trends, subject to risks like economic conditions, industry regulations, and integration of acquisitions. Lamar also uses non-GAAP financial measures like adjusted EBITDA, free cash flow, FFO, and AFFO to assess performance. Investors are advised to consider risk factors before making decisions. Non-GAAP financial measures like adjusted EBITDA and FFO are key indicators of operating performance. Adjusted EBITDA is net income before certain expenses, while FFO is net income before real estate-related depreciation. AFFO includes adjustments like stock-based compensation. These measures are crucial for evaluating performance and comparing results to other companies. Lamar Advertising (Nasdaq: LAMR) reported its financial results for the third quarter of 2024, showing net revenues of $564,135, operating income of $186,556, and adjusted EBITDA of $271,159. The company also announced a conference call on November 8, 2024, to discuss the results.

The company’s outdoor advertising business continues to thrive, with over 360,000 displays in the US and Canada. Lamar offers various advertising formats, including billboards, transit, and digital displays. In Q3 2024, their free cash flow increased to $198,088, reflecting strong financial performance.

Adjusted funds from operations (AFFO) for Lamar Advertising in Q3 2024 were $220,696, resulting in a diluted AFFO per share of $2.15. The company also provided revised projections for 2024, with expected AFFO between $805,700 and $815,700, indicating strong financial growth and stability moving forward.



Read more at GlobeNewswire:: Lamar Advertising Company Announces Third Quarter Ended