Business
Lamar Advertising Company Announces First Quarter Ended March 31, 2023 Operating Results
Three Month Results Net revenue was $471.3 millionNet income was $76.2 millionAdjusted EBITDA was $198.0 million BATON ROUGE, La., May 04, 2023 (GLOBE
About this update from Lamar Advertising Company
[{"type":"text","content":"Three Month Results Net revenue was $471.3 millionNet income was $76.2 millionAdjusted EBITDA was $198.0 million BATON ROUGE, La., May 04, 2023 (GLOBE NEWSWIRE) -- Lamar Advertising Company (the “Company” or “Lamar”) (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company’s operating results for the first quarter ended March 31, 2023. \"The first quarter unfolded largely as expected, with steady local sales offsetting weakness on the national front,\" Lamar chief executive Sean Reilly said. \"Looking ahead, while April saw some slight softening in business activity, we remain confident in the midpoint of our guidance because of the hard work our team has done managing expenses.\" First Quarter Highlights Net revenue increased 4.4%Adjusted EBITDA increased 3.5%Diluted AFFO per share decreased 6.0% First Quarter Results Lamar reported net revenues of $471.3 million for the first quarter of 2023 versus $451.4 million for the first quarter of 2022, a 4.4% increase. Operating income for the first quarter of 2023 decreased $1.7 million to $118.8 million as compared to $120.5 million for the same period in 2022. Lamar recognized net income of $76.2 million for the first quarter of 2023 as compared to net income of $92.2 million for same period in 2022, a decrease of $16.0 million, primarily related to an increase in interest expense of $14.7 million over the same period in 2022. Net income per diluted share was $0.74 and $0.91 for the three months ended March 31, 2023 and 2022, respectively. Adjusted EBITDA for the first quarter of 2023 was $198.0 million versus $191.2 million for the first quarter of 2022, an increase of 3.5%. Cash flow provided by operating activities was $108.7 million for the three months ended March 31, 2023 versus $102.0 million for the first quarter of 2022, an increase of $6.7 million. Free cash flow for the first quarter of 2023 was $113.3 million as compared to $134.5 million for the same period in 2022, a 15.8% decrease. For the first quarter of 2023, funds from operations, or FFO, was $143.5 million versus $156.3 million for the same period in 2022, a decrease of 8.2%. Adjusted funds from operations, or AFFO, for the first quarter of 2023 was $144.1 million compared to $151.9 million for the same period in 2022, a decrease of 5.2%. Diluted AFFO per s...