BATON ROUGE, La. - Lamar Advertising Company (NASDAQ:LAMR) reported third quarter earnings that beat expectations, but revenue fell short of analyst estimates, sending shares down slightly, by 0.73% in premarket trading Friday.
The outdoor advertising company posted adjusted earnings per share of $1.44, exceeding the consensus estimate of $1.41. However, revenue of $564.1 million missed Wall Street's projection of $568.8 million.
Lamar's third quarter revenue increased 4% year-over-year, driven by strength in local and programmatic sales. Net income rose 5.3% to $147.8 million compared to the same period last year.
"Our third quarter results came in largely as expected, with particular strength in local and programmatic sales," said CEO Sean Reilly. He noted that expenses were slightly elevated but expects that to correct in the fourth quarter.
The company raised its full-year guidance for adjusted funds from operations (AFFO) to a range of $7.85 to $7.95 per share, up from its previous outlook.
For the fourth quarter, Reilly said revenue growth is pacing ahead of the third quarter rate.
Lamar operates over 360,000 outdoor advertising displays across the U.S. and Canada. The company has been expanding its digital billboard network, which now includes over 4,800 displays.
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