p strong Lamar Advertising Company Reports Second Quarter Financial Results strongpp Lamar Advertis
Intellectia.AI1970-01-01
Lamar Advertising Company Reports Second Quarter Financial Results
Lamar Advertising Company (NASDAQ:LAMR), a leading owner and operator of outdoor advertising and logo sign displays, has announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY % Change | Consensus Estimates | Q1 2024 | QoQ % Change |
|---|---|---|---|---|---|---|
| Net Revenue | $565.3M | $541.1M | +4.5% | $565.03M | $494.7M | +14.2% |
| Net Income | $137.6M | $130.9M | +5.1% | N/A | $78.5M | +75.3% |
| Adjusted EBITDA | $271.6M | $253.9M | +6.9% | N/A | $211.9M | +28.2% |
| Net Income per Diluted Share | $1.34 | $1.28 | +4.7% | $1.37 | $0.76 | +76.3% |
| Diluted AFFO per Share | $2.08 | $1.90 | +9.5% | N/A | $1.55 | +34.2% |
Interpretation: Lamar Advertising demonstrated robust financial performance in Q2 2024, with a 4.5% year-over-year increase in net revenue and a 5.1% increase in net income, slightly missing the EPS consensus estimate of $1.37 by $0.03 but showing strong quarter-over-quarter growth. The company’s adjusted EBITDA rose by 6.9% year-over-year, indicating effective cost management and solid operational efficiency.
Segment Performance
| Segment | Q2 2024 Revenue |
|---|---|
| Traditional Billboards | $320.5M |
| Digital Billboards | $179.4M |
| Transit Advertising | $54.8M |
| Interstate Logos | $10.6M |
Interpretation: Detailed segment revenue data were not provided with previous guidance comparisons. However, overall revenue growth suggests solid performance across Lamar's diverse advertising formats.
Comments from Company Officers
Chief executive Sean Reilly 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%. Also, we continue to pace at the top end of our previously provided guidance of $7.75 to $7.90 for full year diluted AFFO per share.”
Announced Dividends or Share Repurchase Program
No dividend or share repurchase program information was provided in the report.
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. This points to a strong outlook for the remainder of the fiscal year.
Stock Price Movement
Following the earnings release, Lamar's stock price experienced a 1.29% increase.
In summary, Lamar Advertising Company turned in a strong second-quarter performance driven by revenue growth and disciplined expense management, positioning itself favorably towards its annual financial targets.
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