Lamar Q1 net revenue up 4.4% to $471.3M; net income falls 17% to $76.2M on higher interest

LAMAR ADVERTISING CO/NEW

2023-Q1 EPS reported $0.74 revenue$471,332,000

Net revenue $471.3M (+4.4% YoY); net income $76.2M (-17.3% vs $92.2M); diluted EPS $0.74 vs $0.91.
Adjusted EBITDA rose 3.5% to $198.0M from $191.2M; diluted AFFO per share fell 6.0% to $1.41.
Free cash flow decreased 15.8% to $113.3M from $134.5M; operating cash flow increased 6.6% to $108.7M.
CEO cites steady local sales offsetting national weakness; April slight softening but confident in midpoint of guidance.
Total liquidity $663.0M as of March 31, 2023; $115M drawn on revolver, $234.8M on AR securitization.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LAMAR ADVERTISING CO/NEW reported first quarter ended March 31, 2023 results: revenue $471.3 million, net income $76.2 million, EPS $0.74 per diluted share.

Period: first quarter ended March 31, 2023
Revenue: $471.3 million
Net income: $76.2 million
EPS: $0.74 per diluted share
Result: reported results

Exact text from the filing

Lamar reported net revenues of $471.3 million for the first quarter of 2023 versus $451.4 million for the first quarter of 2022, a 4.4% increase. Operating income for the first quarter of 2023 decreased $1.7 million to $118.8 million as compared to $120.5 million for the same period in 2022. Lamar recognized net income of $76.2 million for the first quarter of 2023 as compared to net income of $92.2 million for same period in 2022, a decrease of $16.0 million, primarily related to an increase in interest expense of $14.7 million over the same period in 2022. Net income per diluted share was $0.74 and $0.91 for the three months ended March 31, 2023 and 2022, respectively.

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Source: SEC EDGAR

accession 0001628280-23-015439

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