Boost in Lamar (LAMR) Stock Value: Q1 AFFO Surpasses Expectations as Revenues Soar Year-over-Year
Release: 2024/05/06 05:49 Reading: 201
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Lamar Advertising Company (LAMR) shares gained 1% after reporting first-quarter 2024 adjusted funds from operations (AFFO) per share of $1.54, surpassing the Zacks Consensus Estimate of $1.52.
Despite higher interest expenses, the company’s quarterly net revenues of $498.2 million increased 5.7% year-over-year, beating the consensus mark of $488.8 million.
CEO Sean Reilly expressed optimism about the company’s performance, citing strong local sales and a return to same-store growth in digital.
Lamar Advertising Company (LAMR) outperforms market expectations in Q1 2024, with strong local sales and digital growth driving higher revenues and AFFO per share.
Impressive Q1 2024 Performance
Lamar Advertising Company reported an impressive first quarter in 2024, with adjusted funds from operations (AFFO) per share of $1.54, beating the Zacks Consensus Estimate of $1.52. This figure also compared favorably with the prior-year quarter’s tally of $1.41. Despite higher interest expenses, the company’s quarterly net revenues of $498.2 million marked a 5.7% increase on a year-over-year basis, surpassing the consensus mark of $488.8 million.
Strong Local Sales and Digital Growth
According to the company’s chief executive, Sean Reilly, the first-quarter results exceeded internal expectations, driven by strong local sales and a return to same-store growth in digital. The company is optimistic about the rest of 2024 and has raised its guidance for full-year diluted AFFO to a range of $7.75 to $7.90 per share.
Financial Highlights
Operating income of $124.6 million climbed 4.9% from the year-ago period’s $118.8 million, while the adjusted EBITDA increased 7.1% to $211.9 million. Acquisition-adjusted net revenues for the first quarter c...
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