Lamar Advertising Q3 net revenue $542.6M (+2.9%); adjusted EBITDA $265.7M (+5.8%)

LAMAR ADVERTISING CO/NEW

2023-Q3 EPS reported $3.39 revenue$1,555,078,000

Net revenue $542.6M (+2.9% YoY); net income $140.4M vs $146.2M, down on $11.5M higher interest expense.
Adjusted EBITDA $265.7M (+5.8%); diluted AFFO per share $2.04 (+0.5% YoY).
CEO cites challenging ad environment but pacing to upper end of revised full-year AFFO guidance.
Acquisition-adjusted net revenue +1.6%, EBITDA +4.5% YoY.
Total liquidity $645.7M; paid down $70M revolver post-quarter, leaving $65M outstanding.

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 0.95

LAMAR ADVERTISING CO/NEW reported the third quarter ended September 30, 2023 results: revenue $542.6 million, net income $140.4 million, EPS $1.37. Guidance raised.

Period: the third quarter ended September 30, 2023
Revenue: $542.6 million
Net income: $140.4 million
EPS: $1.37
Guidance: raised
Result: reported results

Exact text from the filing

Lamar reported net revenues of $542.6 million for the third quarter of 2023 versus $527.4 million for the third quarter of 2022, a 2.9% increase. Operating income for the third quarter of 2023 increased $7.1 million to $188.1 million as compared to $181.0 million for the same period in 2022. Lamar recognized net income of $140.4 million for the third quarter of 2023 as compared to net income of $146.2 million for the same period in 2022, a decrease of $5.8 million, primarily related to an increase in interest expense of $11.5 million over the same period in 2022. Net income per diluted share was $1.37 and $1.44 for the three months ended September 30, 2023 and 2022, respectively.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

LAMAR ADVERTISING CO/NEW reported the nine months ended September 30, 2023 results: revenue $1.56 billion, net income $347.5 million, EPS $3.39. Guidance raised.

Period: the nine months ended September 30, 2023
Revenue: $1.56 billion
Net income: $347.5 million
EPS: $3.39
Guidance: raised
Result: reported results

Exact text from the filing

Lamar reported net revenues of $1.56 billion for the nine months ended September 30, 2023 versus $1.50 billion for the nine months ended September 30, 2022, a 3.9% increase. Operating income for the nine months ended September 30, 2023 increased $15.8 million to $483.7 million as compared to $467.9 million for the same period in 2022. Lamar recognized net income of $347.5 million for the nine months ended September 30, 2023 as compared to net income of $372.5 million for the same period in 2022, a decrease of $25.0 million, primarily related to an increase in interest expense of $40.3 million over the same period in 2022. Net income per diluted share was $3.39 and $3.66 for the nine months ended September 30, 2023 and 2022, respectively.

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Source: SEC EDGAR

accession 0001628280-23-036183

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