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Lamar Advertising -3.3% on revenue miss, lower guidance

Published 08/08/2017, 11:13 AM
© Reuters.  Lamar Advertising -3.3% on revenue miss, lower guidance
LAMR
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  • Lamar Advertising (NASDAQ:LAMR) shares are down 3.3% after a Q2 report where it beat profit expectations but missed slightly on revenues, and trimmed its guidance due to a worsening environment.
  • Revenues grew 2.5% and EBITDA was up 3.1% to $181.9M, which beat expectations for $179.6M. Funds from operations of $140.9M rose 8.2% and beat consensus as well.
  • Due to a "sluggish ad environment for the rest of the year," it's reducing 2017 AFFO/share guidance. Net income for 2017 is seen at $3.09-$3.19 (vs. $3.12 consensus), down from a previous $3.13-$3.28. Diluted AFFO/share is forecast at $4.90-$5.00 (vs. $4.94 consensus), down from a previous $5.05-$5.20.
  • Cash flow from operations was $160.3M (up fractionally); free cash flow rose 6.3% Y/Y to $119.2M.
  • Press Release
  • Now read: S&P MidCap 400 'Safer' Dividend Dogs Led By CoreCivic, Chico's & Brinker July Gains


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