Lamar Advertising Reports Q3 2024 Financial Results

Lamar Advertising Reports Q3 2024 Financial Results

Lamar Advertising Company, a leading outdoor advertising provider, announced its financial results for the third quarter of 2024, ended September 30.

Key Financial Metrics

Lamar's performance largely met expectations with robust local and programmatic sales, despite slightly elevated expenses. Total revenue increased by 4.0% year-over-year but fell short of the consensus estimate of $593.83 million. The company's EPS was slightly below the expected $1.45.

Revenue Performance by Segment

The detailed segment data was not entirely disclosed, but the revenue increase was primarily driven by strong local and programmatic sales, indicating a positive reception in these areas.

Key Developments and Operational Highlights

• The company achieved a diluted AFFO per share growth of 5.4% year-over-year.
• A significant expansion of its Accounts Receivable Securitization Program extended maturity to 2027.

Executive Comments

CEO Sean Reilly noted, 'Third quarter results came in as expected with noteworthy growth in local and programmatic sectors. We anticipate a correction in expenses in Q4, targeting a 47% consolidated EBITDA margin for the year. Our revenue for Q4 is on track to outpace Q3, leading us to revise our full-year AFFO guidance to $7.85 - $7.95 per share.'

Forward Guidance

Lamar raised its full-year AFFO guidance, reflecting confidence in sustained revenue growth and improved margins despite minor setbacks in Q3 estimates.

Stock Price Movement

Post-earnings, Lamar's stock saw an increase of approximately 2.16%, suggesting investor confidence in the company's trajectory and revised guidance.

This summary reflects Lamar's steady performance amidst evolving market dynamics, emphasizing strong sales growth in specific segments while managing elevated costs effectively.

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