Lamar Advertising Company (LAMR - Free Report) reported adjusted funds from operations (FFO) per share of $1.64, up 10.8% from the prior-year quarter’s $1.48. However, the figure missed the Zacks Consensus Estimate of $1.68.
This year-over-year improvement reflects healthy top-line growth, highlighting increase in national/programmatic revenues and same-unit digital revenues.
Moreover, shares of LAMR Advertising appreciated 1.04% during Thursday’s regular trading session, reflecting upbeat investor sentiment.
Net revenues for the quarter came in at $462.7 million, marking an 8.1% increase from the prior-year quarter. The revenue figure, however, lagged the Zacks Consensus Estimate of $465 million.
For full-year 2019, the company reported adjusted FFO per share of $5.80, up 5.5% from $5.50 in 2018. Net revenues for the full year came in at $1.75 billion, reflecting 7.8% growth, year on year.
Quarter in Detail
Acquisition-adjusted net revenues for the fourth quarter increased 2.7% year on year, while acquisition-adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew 4.7%. The company witnessed 7.7% growth in national/programmatic revenues. Moreover, same-unit digital revenues went up 4.6%.
Operating income improved 8.3% from the prior-year quarter to $141.4 million, while adjusted EBITDA went up 10.4% to $215.6 million. Additionally, free cash flow of $135.3 million in the December-end quarter improved 7.3% year over year.
At the end of fourth-quarter 2019, Lamar had total liquidity of $413.5 million, of which $387.3 million was available for borrowing under its revolving senior credit facility, and $26.2 million in cash and cash equivalents.
Outlook
Lamar Advertising projects 2020 AFFO per share of $6.05-$6.20, suggesting 4.3-7% year-over-year growth. The Zacks Consensus Estimate for the same is currently pinned at $6.18.
LAMR Advertising currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
We, now, look forward to the earnings releases of other REITs like Public Storage (PSA - Free Report) , Outfront Media Inc. (OUT - Free Report) and Mack-Cali Realty Corporation , all of which are slated to report their quarterly numbers next week.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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Lamar Advertising Company (LAMR - Free Report) reported adjusted funds from operations (FFO) per share of $1.64, up 10.8% from the prior-year quarter’s $1.48. However, the figure missed the Zacks Consensus Estimate of $1.68.
This year-over-year improvement reflects healthy top-line growth, highlighting increase in national/programmatic revenues and same-unit digital revenues.
Moreover, shares of LAMR Advertising appreciated 1.04% during Thursday’s regular trading session, reflecting upbeat investor sentiment.
Net revenues for the quarter came in at $462.7 million, marking an 8.1% increase from the prior-year quarter. The revenue figure, however, lagged the Zacks Consensus Estimate of $465 million.
For full-year 2019, the company reported adjusted FFO per share of $5.80, up 5.5% from $5.50 in 2018. Net revenues for the full year came in at $1.75 billion, reflecting 7.8% growth, year on year.
Quarter in Detail
Acquisition-adjusted net revenues for the fourth quarter increased 2.7% year on year, while acquisition-adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew 4.7%. The company witnessed 7.7% growth in national/programmatic revenues. Moreover, same-unit digital revenues went up 4.6%.
Operating income improved 8.3% from the prior-year quarter to $141.4 million, while adjusted EBITDA went up 10.4% to $215.6 million. Additionally, free cash flow of $135.3 million in the December-end quarter improved 7.3% year over year.
At the end of fourth-quarter 2019, Lamar had total liquidity of $413.5 million, of which $387.3 million was available for borrowing under its revolving senior credit facility, and $26.2 million in cash and cash equivalents.
Outlook
Lamar Advertising projects 2020 AFFO per share of $6.05-$6.20, suggesting 4.3-7% year-over-year growth. The Zacks Consensus Estimate for the same is currently pinned at $6.18.
LAMR Advertising currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
We, now, look forward to the earnings releases of other REITs like Public Storage (PSA - Free Report) , Outfront Media Inc. (OUT - Free Report) and Mack-Cali Realty Corporation , all of which are slated to report their quarterly numbers next week.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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