Business
Lamar Advertising Company Announces First Quarter Ended March 31, 2024 Operating Results
Three Month Results Net revenue was $498.2 millionNet income was $78.5 millionAdjusted EBITDA was $211.9 million BATON ROUGE, La., May 02, 2024 (GLOBE
About this update from Lamar Advertising Company
[{"type":"text","content":"Three Month Results Net revenue was $498.2 millionNet income was $78.5 millionAdjusted EBITDA was $211.9 million BATON ROUGE, La., May 02, 2024 (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, 2024. \"Our first-quarter results exceeded our internal expectations, with particular strength in local sales. In addition, we returned to same-store growth in digital, and the rest of 2024 is shaping up well,\" Lamar chief executive Sean Reilly said. \"As a result, we are raising our guidance for full-year diluted AFFO to a range of $7.75 to $7.90 per share.\" First Quarter Highlights Net revenue increased 5.7%Adjusted EBITDA increased 7.1%Diluted AFFO per share increased 9.2% First Quarter Results Lamar reported net revenues of $498.2 million for the first quarter of 2024 versus $471.3 million for the first quarter of 2023, a 5.7% increase. Operating income for the first quarter of 2024 increased $5.8 million to $124.6 million as compared to $118.8 million for the same period in 2023. Lamar recognized net income of $78.5 million for the first quarter of 2024 as compared to net income of $76.2 million for the same period in 2023, an increase of $2.3 million. Net income per diluted share was $0.76 and $0.74 for the three months ended March 31, 2024 and 2023, respectively. Adjusted EBITDA for the first quarter of 2024 was $211.9 million versus $198.0 million for the first quarter of 2023, an increase of 7.1%. Cash flow provided by operating activities was $110.6 million for the three months ended March 31, 2024 versus $108.7 million for the first quarter of 2023, an increase of $1.9 million. Free cash flow for the first quarter of 2024 was $138.7 million as compared to $113.3 million for the same period in 2023, a 22.4% increase. For the first quarter of 2024, funds from operations, or FFO, was $148.5 million versus $143.5 million for the same period in 2023, an increase of 3.5%. Adjusted funds from operations, or AFFO, for the first quarter of 2024 was $158.2 million compared to $144.1 million for the same period in 2023, an increase of 9.8%. Diluted AFFO per share increased 9.2% to $1.54 for the three months ended March 31, 2024 as compared to $1...