Lamar Advertising Company Announces First Quarter Ended March 31, 2024 Operating Results
Three Month Results
- Net revenue was $498.2 million
- Net income was $78.5 million
- Adjusted EBITDA was $211.9 million
BATON ROUGE, La., May 02, 2024 (GLOBE NEWSWIRE) — Lamar Advertising Company (the “Company” or “Lamar”) (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company’s operating results for the first quarter ended March 31, 2024.
“Our first-quarter results exceeded our internal expectations, with particular strength in local sales. In addition, we returned to same-store growth in digital, and the rest of 2024 is shaping up well,” Lamar chief executive Sean Reilly said. “As a result, we are raising our guidance for full-year diluted AFFO to a range of $7.75 to $7.90 per share.”
First Quarter Highlights
- Net revenue increased 5.7%
- Adjusted EBITDA increased 7.1%
- Diluted AFFO per share increased 9.2%
First Quarter Results
Lamar reported net revenues of $498.2 million for the first quarter of 2024 versus $471.3 million for the first quarter of 2023, a 5.7% increase. Operating income for the first quarter of 2024 increased $5.8 million to $124.6 million as compared to $118.8 million for the same period in 2023. Lamar recognized net income of $78.5 million for the first quarter of 2024 as compared to net income of $76.2 million for the same period in 2023, an increase of $2.3 million. Net income per diluted share was $0.76 and $0.74 for the three months ended March 31, 2024 and 2023, respectively.
Adjusted EBITDA for the first quarter of 2024 was $211.9 million versus $198.0 million for the first quarter of 2023, an increase of 7.1%.
Cash flow provided by operating activities was $110.6 million for the three months ended March 31, 2024 versus $108.7 million for the first quarter of 2023, an increase of $1.9 million. Free cash flow for the first quarter of 2024 was $138.7 million as compared to $113.3 million for the same period in 2023, a 22.4% increase.
For the first quarter of 2024, funds from operations, or FFO, was $148.5 million versus $143.5 million for the same period in 2023, an increase of 3.5%. Adjusted funds from operations, or AFFO, for the first quarter of 2024 was $158.2 million compared to $144.1 million for the same period in 2023, an increase of 9.8%. Diluted AFFO per share increased 9.2% to $1.54 for the three months ended March 31, 2024 as compared to $1.41 for the same period in 2023.
Acquisition-Adjusted Three Months Results
Acquisition-adjusted net revenue for the first quarter of 2024 increased 5.3% over acquisition-adjusted net revenue for the first quarter of 2023. Acquisition-adjusted EBITDA for the first quarter of 2024 increased 6.5% as compared to acquisition-adjusted EBITDA for the first quarter of 2023. Acquisition-adjusted net revenue and acquisition-adjusted EBITDA include adjustments to the 2023 period for acquisitions and divestitures for the same time frame as actually owned in the 2024 period. See “Reconciliation of Reported Basis to Acquisition-Adjusted Results”, which provides reconciliations to GAAP for acquisition-adjusted measures.
Liquidity
As of March 31, 2024, Lamar had $634.8 million in total liquidity that consisted of $598.4 million available for borrowing under its revolving senior credit facility and $36.4 million in cash and cash equivalents. There were $143.0 million in borrowings outstanding under the Company’s revolving credit facility and $235.7 million outstanding under the Accounts Receivable Securitization Program as of the same date.
Revised Guidance
We are updating our 2024 guidance issued in February 2024. We now expect net income per diluted share for fiscal year 2024 to be between $4.95 and $5.01, with diluted AFFO per share between $7.75 and $7.90. See “Supplemental Schedules Unaudited REIT Measures and Reconciliations to GAAP Measures” for reconciliation to GAAP.
See more results here
Source: Lamar Advertising
