Lamar Advertising Q1 Profit Down

(RTTNews) - Lamar Advertising Co. (LAMR) reported that its first-quarter net income declined to $40.5 million or $0.40 per share from $51.3 million or $0.51 per share last year, due to the $18.2 million loss on debt extinguishment related to the prepayment of Lamar Media's 5 3/8% Senior Notes due 2024 and Term Loan A under its senior credit facility.

Operating income for the first quarter of 2020 increased $5.8 million to $96.6 million as compared to $90.8 million for the same period in 2019.

Net revenues were $406.6 million up from $384.5 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share and revenues of $395.44 million for the quarter. Analysts' estimates typically exclude special items.

In Thursday pre-market trade, LAMR is trading at $59.90, up $6.31 or 11.77 percent.