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Lamar Advertising Company (LAMR) - free report >>
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Lamar Advertising Company (LAMR) - free report >>
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Lamar's (LAMR) Q2 FFO & Revenues Beat Estimates, Up Y/Y
Lamar Advertising Co. (LAMR - Free Report) reported second-quarter 2016 adjusted Funds from Operations (“FFO”) of $1.37 per share, surpassing the Zacks Consensus Estimate of $1.24 and ahead of the year-ago tally of $1.22.
Net revenue for the quarter increased 12.6% year over year to $387.5 million, slightly outpacing the Zacks Consensus Estimate of $386 million.
Quarter in Detail
Operating income rose to $117.1 million from $99.3 million recorded in the prior-year period. Adjusted earnings before interest, taxes, depreciation and amortization climbed 13.5% year over year to $176.4 million. Moreover, free cash flow increased 10.8% year over year to $112.1 million.
At quarter-end, Lamar had total liquidity of $218.6 million, of which $176.9 million was available under its revolving senior credit facility, and $41.7 million in cash and cash equivalents.
Our Take
Lamar, backed by an improving operational performance, continues to ride the growth trajectory. The company’s diversified tenant base, impressive national footprint and a healthy balance sheet bode well for the long term.
LAMAR ADVER CO Price, Consensus and EPS Surprise
LAMAR ADVER CO Price, Consensus and EPS Surprise | LAMAR ADVER CO Quote
Lamar currently has a Zacks Rank #3 (Hold). Investors interested in the REIT sector can consider stocks like Apple Hospitality REIT, Inc. (APLE - Free Report) , Communications Sales & Leasing, Inc. and CoreSite Realty Corporation (COR - Free Report) . Each of these stocks carries a Zacks Rank #2 (Buy).
Note: All EPS numbers presented in this write-up represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
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