Lamar Advertising Company Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Lamar Advertising Company Reports Second Quarter 2024 Financial Results
Lamar Advertising Company (NASDAQ: LAMR), a leading provider of outdoor advertising displays, reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q2 2023 | YoY Change (%) | Consensus Estimates |
|---|---|---|---|---|
| Revenue | $565.3M | $541.1M | +4.5% | $565.03M |
| Earnings Per Share (EPS) | $1.34 | $1.28 | +4.7% | $1.37 |
| Net Income | $137.6M | $130.9M | +5.1% | - |
| Adjusted EBITDA | $271.6M | $253.9M | +6.9% | - |
| Free Cash Flow | $203.5M | $159.2M | +27.8% | - |
| Funds from Operations (FFO) | $209.3M | $200.6M | +4.3% | - |
| Diluted AFFO Per Share | $2.08 | $1.90 | +9.5% | - |
Lamar achieved solid revenue growth, driven primarily by strong demand from local and regional advertisers. The company’s EPS slightly missed the consensus estimate by $0.03. Despite this, growth in adjusted EBITDA and AFFO per share reflect effective expense management and positive operational performance.
Segment Revenue Performance:
| Segment | Q2 2024 Revenue | Guidance (where applicable) | QoQ Change | YoY Change (%) |
|---|---|---|---|---|
| Total Advertising | $565.3M | - | +2.1% | +4.5% |
Lamar's advertising segment reported a solid increase in revenue compared to the same period last year, reflecting strong demand across its outdoor advertising displays, which includes billboards, logo signs, and digital displays.
Key Operational Data:
| Operational Metrics | Q2 2024 |
|---|---|
| Cash Flow from Operations | $256.3M |
| Borrowings Under Revolving Credit Facility | $315.0M |
Comments from Company Officers: Sean Reilly, the Chief Executive Officer commented, "We delivered solid revenue growth in the second quarter, buoyed by continued strong demand from local and regional advertisers. The revenue gain, combined with continued discipline on expenses, allowed us to produce adjusted EBITDA growth of nearly 7% and diluted AFFO per share growth of 9.5%."
Dividends and Share Buybacks: The report did not mention any specific announcements regarding dividends or share repurchase programs for this quarter.
Forward Guidance: Lamar continues to pace at the top end of its previously provided guidance of $7.75 to $7.90 for full-year diluted AFFO per share.
Stock Price Movement: Post-earnings release, Lamar’s stock experienced a slight decrease of approximately 0.95%.
In summary, Lamar Advertising Company exhibited robust financial and operational performance in the second quarter of 2024, demonstrating solid revenue growth despite a minor miss on EPS estimates. This performance underscores the resilient demand for outdoor advertising and Lamar's strategic financial management.
