Business
Lamar Advertising Company Announces Second Quarter Ended June 30, 2023 Operating Results
Three Month Results Net revenue was $541.1 millionNet income was $130.9 millionAdjusted EBITDA was $253.9 million Six Month Results Net revenue was $1.01
About this update from Lamar Advertising Company
[{"type":"text","content":"Three Month Results Net revenue was $541.1 millionNet income was $130.9 millionAdjusted EBITDA was $253.9 million Six Month Results Net revenue was $1.01 billionNet income was $207.1 millionAdjusted EBITDA was $451.9 million BATON ROUGE, La., Aug. 03, 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 second quarter ended June 30, 2023. \"As we moved into the third quarter, we observed a slowdown in business activity,\" Lamar chief executive Sean Reilly said. \"Although we still feel positive about our efforts to control expenses, revenue for the second half of 2023 is not shaping up as we anticipated it would. As a result, we are revising our guidance for full-year diluted AFFO to a range of $7.13 to $7.28 per share.\" Second Quarter Highlights Net revenue increased 4.5%Adjusted EBITDA increased 4.3%Diluted AFFO per share decreased 2.1% Second Quarter Results Lamar reported net revenues of $541.1 million for the second quarter of 2023 versus $517.9 million for the second quarter of 2022, a 4.5% increase. Operating income for the second quarter of 2023 increased $10.3 million to $176.8 million as compared to $166.5 million for the same period in 2022. Lamar recognized net income of $130.9 million for the second quarter of 2023 as compared to net income of $134.2 million for the same period in 2022, a decrease of $3.3 million, primarily related to an increase in interest expense of $14.2 million over the same period in 2022. Net income per diluted share was $1.28 and $1.32 for the three months ended June 30, 2023 and 2022, respectively. Adjusted EBITDA for the second quarter of 2023 was $253.9 million versus $243.4 million for the second quarter of 2022, an increase of 4.3%. Cash flow provided by operating activities was $198.2 million for the three months ended June 30, 2023 versus $210.6 million for the second quarter of 2022, a decrease of $12.4 million. Free cash flow for the second quarter of 2023 was $159.2 million as compared to $166.6 million for the same period in 2022, a 4.4% decrease. For the second quarter of 2023, funds from operations, or FFO, was $200.6 million versus $197.6 million for the same period in 2022, an increase of 1.6%. Adjusted funds fr...