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Results reflect year-over-year growth in the top line. However, higher direct advertising and general and administrative expenses during the quarter acted as a dampener. Shares of the company were 7.3% down on Feb. 20 at the close of the trading session.
Quarterly net revenues of $579.6 million increased 4.3% on a year-over-year basis. However, it missed the consensus mark of $581.3 million.
Per the company’s chief executive, Sean Reilly, “Our revenue growth accelerated in the fourth quarter, aided by strength in political, local and programmatic. This allowed us to deliver full-year AFFO of $7.99 per share, above the top end of our revised guidance range.”
For full-year 2024, AFFO per share came in at $7.99, up 7% year over year. The figure beat the Zacks Consensus Estimate by a penny. Net revenues grew 4.6% to $2.21 billion.
LAMR’s Fourth Quarter in Detail
Operating income of $36.7 million fell 80.9% from the year-ago period’s $191.7 million, while the adjusted EBITDA increased 3.9% to $278.5 million.
Acquisition-adjusted net revenues for the fourth quarter climbed 4.1% year over year to $579.6 million from the year-ago period’s $556.6 million. Also, acquisition-adjusted EBITDA rose 3.9% to $278.5 million from the year-ago period’s $268 million.
Direct advertising expenses increased 2.6% year over year to $186.2 million during the reported quarter. General and administrative expenses jumped 6.3% year over year to $89.7 million in the reported quarter.
The company’s free cash flow of $195.6 million increased 8.5% year over year in the quarter.
LAMR’s Balance Sheet Position
The cash flow provided by operating activities in the three months ended Dec. 31, 2024 was $279.3 million compared with $227.4 million recorded in the previous quarter.
As of Dec. 31, 2024, Lamar Advertising had a total liquidity of $506.7 million. This comprised $457.2 million available for borrowing under its revolving senior credit facility and $49.5 million in cash and cash equivalents. As of the same date, the outstanding balance under the company’s revolving credit facility totaled $284 million and $250 million under the Accounts Receivable Securitization Program.
LAMR’s 2025 Outlook
For the full year, LAMR expects AFFO per share between $8.13 and $8.28. The Zacks Consensus Estimate presently stands at $8.39, above the projected range.
Ventas, Inc. (VTR - Free Report) reported a fourth-quarter 2024 normalized FFO per share of 81 cents, beating the Zacks Consensus Estimate by a penny. The reported figure increased 6.6% from the prior-year quarter’s tally.
VTR’s results reflected an increase in same-store cash net operating income, led by higher Senior Housing Operating Portfolio same-store average occupancy.
Welltower Inc.’s (WELL - Free Report) fourth-quarter 2024 normalized FFO per share of $1.13 surpassed the Zacks Consensus Estimate by a penny. The reported figure improved 17.7% year over year.
Results reflected a rise in revenues on a year-over-year basis. The total portfolio same-store net operating income (SSNOI) increased year over year, driven by SSNOI growth in the senior housing operating portfolio. WELL issued its guidance for 2025.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
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Lamar Q4 AFFO Meets Estimates, Revenues Miss, Stock Down 7.3%
Lamar Advertising Company (LAMR - Free Report) reported fourth-quarter 2024 adjusted funds from operations (AFFO) per share of $2.21, which met the Zacks Consensus Estimate. The figure also compared favorably with the prior-year quarter's tally of $2.10.
See the Zacks Earnings Calendar to stay ahead of market-making news.
Results reflect year-over-year growth in the top line. However, higher direct advertising and general and administrative expenses during the quarter acted as a dampener. Shares of the company were 7.3% down on Feb. 20 at the close of the trading session.
Quarterly net revenues of $579.6 million increased 4.3% on a year-over-year basis. However, it missed the consensus mark of $581.3 million.
Per the company’s chief executive, Sean Reilly, “Our revenue growth accelerated in the fourth quarter, aided by strength in political, local and programmatic. This allowed us to deliver full-year AFFO of $7.99 per share, above the top end of our revised guidance range.”
For full-year 2024, AFFO per share came in at $7.99, up 7% year over year. The figure beat the Zacks Consensus Estimate by a penny. Net revenues grew 4.6% to $2.21 billion.
LAMR’s Fourth Quarter in Detail
Operating income of $36.7 million fell 80.9% from the year-ago period’s $191.7 million, while the adjusted EBITDA increased 3.9% to $278.5 million.
Acquisition-adjusted net revenues for the fourth quarter climbed 4.1% year over year to $579.6 million from the year-ago period’s $556.6 million. Also, acquisition-adjusted EBITDA rose 3.9% to $278.5 million from the year-ago period’s $268 million.
Direct advertising expenses increased 2.6% year over year to $186.2 million during the reported quarter. General and administrative expenses jumped 6.3% year over year to $89.7 million in the reported quarter.
The company’s free cash flow of $195.6 million increased 8.5% year over year in the quarter.
LAMR’s Balance Sheet Position
The cash flow provided by operating activities in the three months ended Dec. 31, 2024 was $279.3 million compared with $227.4 million recorded in the previous quarter.
As of Dec. 31, 2024, Lamar Advertising had a total liquidity of $506.7 million. This comprised $457.2 million available for borrowing under its revolving senior credit facility and $49.5 million in cash and cash equivalents. As of the same date, the outstanding balance under the company’s revolving credit facility totaled $284 million and $250 million under the Accounts Receivable Securitization Program.
LAMR’s 2025 Outlook
For the full year, LAMR expects AFFO per share between $8.13 and $8.28. The Zacks Consensus Estimate presently stands at $8.39, above the projected range.
LAMR’s Zacks Rank
Lamar currently carries 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-eps-surprise-chart | Lamar Advertising Company Quote
Performance of Other REITs
Ventas, Inc. (VTR - Free Report) reported a fourth-quarter 2024 normalized FFO per share of 81 cents, beating the Zacks Consensus Estimate by a penny. The reported figure increased 6.6% from the prior-year quarter’s tally.
VTR’s results reflected an increase in same-store cash net operating income, led by higher Senior Housing Operating Portfolio same-store average occupancy.
Welltower Inc.’s (WELL - Free Report) fourth-quarter 2024 normalized FFO per share of $1.13 surpassed the Zacks Consensus Estimate by a penny. The reported figure improved 17.7% year over year.
Results reflected a rise in revenues on a year-over-year basis. The total portfolio same-store net operating income (SSNOI) increased year over year, driven by SSNOI growth in the senior housing operating portfolio. WELL issued its guidance for 2025.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.