Lamar Advertising Boosts AFFO Outlook As Q1 Results Top Estimates

(RTTNews) - While reporting financial results for the first quarter on Thursday, Lamar Advertising Co. (LAMR) said raised its Adjusted Funds from Operations or AFFO, guidance for the full-year 2022.

For fiscal 2022, the company now expects earnings in a range of $4.88 to $4.96 per share and AFFO in a range of $7.20 to $7.35 per share.

Previously, the company expected earnings in a range of $4.83 to $4.90 per share and AFFO in a range of $7.03 to $7.18 per share.

On average, four analysts polled by Thomson Reuters expect the company to report earnings of $4.66 per share for the year. Analysts' estimates typically exclude special items.

For the first quarter, net income surged to $92.2 million or $0.91 per share from $38.3 million or $0.38 per share in the prior-year quarter.

Funds from operations, or FFO, were $156.33 million, compared to $96.06 million last year. Adjusted funds from operations, or AFFO, were $151.91 million or $1.50 per share, compared to $116.70 million or $1.15 per share in the year-ago quarter.

Net revenues for the quarter increased 21.7 percent to $451.39 million from $370.88 million in the same quarter last year.

The Street was looking for earnings of $0.72 per share on revenues of $427.21 million for the quarter.