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Mar 31, 2024
Lamar Q1 2024 Earnings Report
Lamar's first-quarter results exceeded expectations, driven by strong local sales and a return to same-store growth in digital, leading to raised full-year diluted AFFO guidance.
Key Takeaways
Lamar Advertising Company reported a 5.7% increase in net revenue to $498.2 million for the first quarter of 2024. Net income increased to $78.5 million, and Adjusted EBITDA rose by 7.1% to $211.9 million. The company raised its full-year diluted AFFO guidance to a range of $7.75 to $7.90 per share.
Net revenue increased by 5.7% compared to the first quarter of 2023, reaching $498.2 million.
Net income saw an increase to $78.5 million, up from $76.2 million in the same period last year.
Adjusted EBITDA increased by 7.1% to $211.9 million.
Diluted AFFO per share increased by 9.2% to $1.54.
Lamar
Lamar
Forward Guidance
Lamar Advertising Company updated its 2024 guidance, now expecting net income per diluted share to be between $4.95 and $5.01, with diluted AFFO per share between $7.75 and $7.90.
Positive Outlook
- Net income per diluted share for fiscal year 2024 is expected to be between $4.95 and $5.01.
- Diluted AFFO per share is projected to be between $7.75 and $7.90.
- The guidance is based on reasonable assumptions and reflects management's expectations as of May 2, 2024.
- Company anticipates continued growth and strong performance in the coming year.
- Revised guidance reflects the positive momentum and strong first-quarter results.
Challenges Ahead
- Actual results may differ materially from these estimates due to various factors.
- Significant indebtedness could impact financial flexibility.
- The state of the economy and financial markets could affect demand for advertising.
- Changes in tax laws applicable to REITs or their interpretation could adversely affect the company.
- The company's ability to renew expiring contracts at favorable rates is a risk.