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Lamar's (LAMR) Q4 FFO Beats Estimates, Revenues In Line

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Lamar Advertising Co. (LAMR - Free Report) reported fourth-quarter 2016 adjusted funds from operations (“FFO”) of $1.32 per share, surpassing the Zacks Consensus Estimate of $1.21 and higher than the year-ago tally of $1.27.

Net revenue for the quarter increased 8.6% year over year to $386.7 million, almost in line with the Zacks Consensus Estimate.

For full-year 2016, adjusted FFO per share came in at $5, beating the Zacks Consensus Estimate of $4.70. The 2015 adjusted FFO per share was $4.59.

For full-year 2016, net revenue came in at $1.50 billion, almost in line with the Zacks Consensus Estimate. Net revenue for 2015 was $1.35 billion.

Quarter in Detail

Operating income rose to $115.4 million from $104.8 million recorded in the prior-year period. Adjusted earnings before interest, taxes, depreciation and amortization climbed 9.4% year over year to $173.6 million. Moreover, free cash flow increased 7.4% year over year to $111.1 million.

At the quarter end, Lamar had total liquidity of $245.4 million, of which $209.9 million was available under its revolving senior credit facility, and $35.5 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 currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy)stocks here.

Lamar Advertising Company Price, Consensus and EPS Surprise
 

Lamar Advertising Company Price, Consensus and EPS Surprise | Lamar Advertising Company Quote

Some real estate companies which are expected to report results next week include Mack-Cali Realty Corporation , EPR Properties (EPR - Free Report) and The St. Joe Company (JOE - Free Report) .

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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