Business
Lamar Advertising Company Announces Third Quarter Ended September 30, 2020 Operating Results
Three Month Results Net revenue was $386.1 millionNet income was $62.8 millionAdjusted EBITDA was $170.7 million Nine Month Results Net revenue was $1.1
About this update from Lamar Advertising Company
[{"type":"text","content":"Three Month Results\n Net revenue was $386.1 millionNet income was $62.8 millionAdjusted EBITDA was $170.7 million Nine Month Results Net revenue was $1.1 billionNet income was $134.7 millionAdjusted EBITDA was $463.7 million BATON ROUGE, La., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Lamar Advertising Company (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company’s operating results for the third quarter ended September 30, 2020. “The rebound in our advertising revenue continued through the third quarter, buoyed by spending from local businesses and election-year political dollars. We were also pleased to see national accounts pick up their activity as the quarter went on,\" Chief Executive Sean Reilly said. \"Given the sales recovery and our progress on expense savings, we are raising our guidance range for full-year diluted AFFO per share to $4.65 to $4.85.” Third Quarter Highlights Total operating expenses decreased 11.4%Adjusted EBITDA margin of 44.2%Total liquidity of $770.8 million as of September 30, 2020 Third Quarter Results Lamar reported net revenues of $386.1 million for the third quarter of 2020 versus $457.8 million for the third quarter of 2019, a 15.7% decrease. Operating income for the third quarter of 2020 decreased $35.6 million to $105.9 million as compared to $141.4 million for the same period in 2019. Lamar recognized net income of $62.8 million for the third quarter of 2020 as compared to net income of $99.7 million for same period in 2019, a decrease of $37.0 million. Net income per diluted share was $0.62 and $0.99 for the three months ended September 30, 2020 and 2019, respectively. Adjusted EBITDA for the third quarter of 2020 was $170.7 million versus $215.2 million for the third quarter of 2019, a decrease of 20.7%. Cash flow provided by operating activities was $150.8 million for the three months ended September 30, 2020, a decrease of $20.1 million as compared to the same period in 2019. Free cash flow for the third quarter of 2020 was $127.2 million as compared to $138.2 million for the same period in 2019, an 8.0% decrease. For the third quarter of 2020, funds from operations, or FFO, was $119.9 million versus $159.5 million for the same period in 2019, a decrease of 24.8%. Adjusted funds from operations, or AFFO, for the third quarter of 2020 w...