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Jun 30, 2023
Lamar Q2 2023 Earnings Report
Reported an increase in net revenue and adjusted EBITDA, but a decrease in net income and diluted AFFO per share.
Key Takeaways
Lamar Advertising Company reported a 4.5% increase in net revenue and a 4.3% increase in adjusted EBITDA for the second quarter of 2023. However, net income decreased by $3.3 million, and diluted AFFO per share decreased by 2.1%. The company has revised its full-year diluted AFFO guidance to a range of $7.13 to $7.28 per share due to a slowdown in business activity.
Net revenue increased by 4.5% compared to the second quarter of 2022.
Adjusted EBITDA increased by 4.3% compared to the second quarter of 2022.
Net income decreased by $3.3 million compared to the same period in 2022.
Diluted AFFO per share decreased by 2.1% compared to the second quarter of 2022.
Forward Guidance
Lamar is updating its 2023 guidance issued in February 2023. The company now expects net income per diluted share for fiscal year 2023 to be between $4.72 and $4.80, with diluted AFFO per share between $7.13 and $7.28.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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