Business
Lamar Advertising Company Announces Third Quarter Ended September 30, 2021 Operating Results
Three Month Results Net revenue was $476.9 millionNet income was $106.8 millionAdjusted EBITDA was $230.7 million Nine Month Results Net revenue was $1.29
About this update from Lamar Advertising Company
[{"type":"text","content":"Three Month Results Net revenue was $476.9 millionNet income was $106.8 millionAdjusted EBITDA was $230.7 million Nine Month Results Net revenue was $1.29 billionNet income was $264.8 millionAdjusted EBITDA was $596.6 million BATON ROUGE, La., Nov. 03, 2021 (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, 2021. \"We are very pleased with our third-quarter results and the sustained, robust recovery in the US advertising market,\" Lamar chief executive Sean Reilly said. \"Our 2021 billboard revenue is expected to exceed our 2019 total, while transit is well on its way back to pre-pandemic levels and our logos business continues steady. Our pacings indicate the sales momentum should continue through the end of 2021, so we are raising our guidance for full-year diluted AFFO to $6.35 to $6.50 per share.\" Third Quarter Highlights Net revenue increased 23.5%Adjusted EBITDA margin of 48.4%Free cash flow increased 36.6%Diluted AFFO per share increased 43.9% Third Quarter Results Lamar reported net revenues of $476.9 million for the third quarter of 2021 versus $386.1 million for the third quarter of 2020, a 23.5% increase. Operating income for the third quarter of 2021 increased $27.5 million to $133.3 million as compared to $105.9 million for the same period in 2020. Lamar recognized net income of $106.8 million for the third quarter of 2021 as compared to net income of $62.8 million for same period in 2020, an increase of $44.1 million. Net income per diluted share was $1.05 and $0.62 for the three months ended September 30, 2021 and 2020, respectively. Adjusted EBITDA for the third quarter of 2021 was $230.7 million versus $170.7 million for the third quarter of 2020, an increase of 35.2%. Cash flow provided by operating activities was $203.0 million for the three months ended September 30, 2021, an increase of $52.2 million as compared to the same period in 2020. Free cash flow for the third quarter of 2021 was $173.7 million as compared to $127.2 million for the same period in 2020, a 36.6% increase. For the third quarter of 2021, funds from operations, or FFO, was $187.6 million versus $119.9 million for the same period in 2020, an increase of 56.4%. Adjusted f...