Business
Lamar Advertising Company Announces Fourth Quarter and Year Ended December 31, 2020 Operating Results
Three Month Results Net revenue was $428.5 millionNet income was $108.7 millionAdjusted EBITDA was $207.9 million Twelve Month Results Net revenue was $1.57
About this update from Lamar Advertising Company
[{"type":"text","content":"Three Month Results Net revenue was $428.5 millionNet income was $108.7 millionAdjusted EBITDA was $207.9 million Twelve Month Results Net revenue was $1.57 billionNet income was $243.4 millionAdjusted EBITDA was $671.5 million BATON ROUGE, La., Feb. 26, 2021 (GLOBE NEWSWIRE) -- Lamar Advertising Company (Nasdaq: LAMR) (“Lamar” or the “Company”), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company’s operating results for the fourth quarter and year ended December 31, 2020. “We concluded 2020 with a strong fourth quarter, aided by a recovery in national advertising and a surge in political spending, as well as further good work on the expense side,\" Chief Executive Sean Reilly said. \"We have begun to invest again in our platform, and, with the strongest balance sheet in the industry, we are positioned well to benefit as the advertising market recovers further in 2021.” Fourth Quarter Highlights Total operating expenses decreased 10.6%Adjusted EBITDA margin of 48.5%Free cash flow increased 18.3%Diluted AFFO per share increased 4.3% Fourth Quarter Results Lamar reported net revenues of $428.5 million for the fourth quarter of 2020 versus $462.7 million for the fourth quarter of 2019, a 7.4% decrease. Operating income for the fourth quarter of 2020 decreased $0.2 million to $141.2 million as compared to $141.4 million for the same period in 2019. Lamar recognized net income of $108.7 million for the fourth quarter of 2020 as compared to net income of $102.8 million for the same period in 2019, an increase of $6.0 million. Net income per diluted share was $1.08 and $1.02 for the three months ended December 31, 2020 and 2019, respectively. Adjusted EBITDA for the fourth quarter of 2020 was $207.9 million versus $215.6 million for the fourth quarter of 2019, a decrease of 3.6%. Cash flow provided by operating activities was $208.4 million for the three months ended December 31, 2020, a decrease of $14.5 million as compared to the same period in 2019. Free cash flow for the fourth quarter of 2020 was $160.1 million as compared to $135.3 million for the same period in 2019, an 18.3% increase. For the fourth quarter of 2020, funds from operations, or FFO, was $167.6 million versus $161.1 million for the same period in 2019, an increase of 4.0%. Adjusted funds from operations, or AFFO, for th...