Business
Lamar Advertising Company Announces Second Quarter Ended June 30, 2024 Operating Results
Three Month Results Net revenue was $565.3 millionNet income was $137.6 millionAdjusted EBITDA was $271.6 million Six Month Results Net revenue was $1.06
About this update from Lamar Advertising Company
[{"type":"text","content":"Three Month Results Net revenue was $565.3 millionNet income was $137.6 millionAdjusted EBITDA was $271.6 million Six Month Results Net revenue was $1.06 billionNet income was $216.1 millionAdjusted EBITDA was $483.5 million BATON ROUGE, La., Aug. 08, 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 second quarter ended June 30, 2024. \"We delivered solid revenue growth in the second quarter, buoyed by continued strong demand from local and regional advertisers,” Lamar chief executive Sean Reilly said. \"The revenue gain, combined with continued discipline on expenses, allowed us to produce adjusted EBITDA growth of nearly 7% and diluted AFFO per share growth of 9.5%. Also, we continue to pace at the top end of our previously provided guidance of $7.75 to $7.90 for full year diluted AFFO per share.” Second Quarter Highlights Net revenue increased 4.5%Adjusted EBITDA increased 6.9%Diluted AFFO per share increased 9.5% Second Quarter Results Lamar reported net revenues of $565.3 million for the second quarter of 2024 versus $541.1 million for the second quarter of 2023, a 4.5% increase. Operating income for the second quarter of 2024 increased $7.4 million to $184.2 million as compared to $176.8 million for the same period in 2023. Lamar recognized net income of $137.6 million for the second quarter of 2024 as compared to net income of $130.9 million for the same period in 2023, an increase of $6.7 million. Net income per diluted share was $1.34 and $1.28 for the three months ended June 30, 2024 and 2023, respectively. Adjusted EBITDA for the second quarter of 2024 was $271.6 million versus $253.9 million for the second quarter of 2023, an increase of 6.9%. Cash flow provided by operating activities was $256.3 million for the three months ended June 30, 2024 versus $198.2 million for the second quarter of 2023, an increase of $58.2 million. Free cash flow for the second quarter of 2024 was $203.5 million as compared to $159.2 million for the same period in 2023, a 27.8% increase. For the second quarter of 2024, funds from operations, or FFO, was $209.3 million versus $200.6 million for the same period in 2023, an increase of 4.3%. Adjusted funds from operations, ...