Lamar Advertising Cuts FY17 Earnings View Amid Sluggish Ad Environment

(RTTNews) - Lamar Advertising Co. (Nasdaq:LAMR), an operator of outdoor advertising and logo sign displays, Tuesday said it is revising 2017 full year guidance for earnings per share and adjusted funds from operations or AFFO per share due to current market conditions.

CEO Sean Reilly said, "Q2 came in largely as expected, and our team did a good job managing expenses. However, due to what we now see as a sluggish ad environment for the rest of the year, we are reducing our full year 2017 AFFO per share guidance accordingly."

For the year, net income per share is now expected to be between $3.09 and $3.19, lower than previous guidance of $3.13 to $3.28 per share.

In addition, Lamar now expects AFFO per share for 2017 to be between $4.90 and $5.00, compared to previous guidance of $5.05 to $5.20 per share.

On average, seven analysts polled by Thomson Reuters expect earnings of $3.12 per share for the year. Analysts' estimates typically exclude special items.