23.02.2024 13:12:47
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Lamar Advertising Q4 Results Top Estimates
(RTTNews) - Billboard firm Lamar Advertising Co. (LAMR) reported on Friday that net income for the fourth quarter surged to $149.3 million or $1.46 per share from $66.1 million or $0.65 per share in the prior-year quarter.
Funds from operations, or FFO, for the quarter were $213.7 million, compared to $195.2 million last year. Adjusted funds from operations, or AFFO, were $215.0 million or $2.10 per share, compared to $194.5 million or $1.91 per share in the year-ago quarter.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $1.35 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter increased 3.8 percent to $555.9 million from $535.5 million in the same quarter last year. Analysts expected revenues of $547.66 million for the quarter.
Acquisition-adjusted net revenue for the fourth quarter increased 2.5 percent.
Looking ahead to fiscal 2024, the company now projects earnings in a range of $5.02 to $5.07 per share and AFFO in a range of $7.67 to $7.82 per share. The Street is looking for earnings of $5.19 per share for the year.
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Lamar Advertising Company (A) | 116,00 | 0,00% |