Lamar Advertising Q1 Earnings Down, Misses Estimates

(RTTNews) - Lamar Advertising Co. (LAMR) Thursday announced a sharp decline in first-quarter earnings, despite an increase in revenues. On a per-share basis, earnings missed estimates.

The outdoor advertising and logo sign displays provider's quarterly earnings applicable to the common stock was $75.95 million or $0.74 per share, compared to $92.06 million or $0.91 per share in the prior year. On average, 3 analysts polled by Thomson Reuters expected the company to earn $0.81 per share. Analysts' estimates usually exclude special items.

Revenue increased 4.4 percent to $471.33 million from $451.39 million in the previous year. Analysts were looking for $466 million.

Lamar Chief Executive Sean Reilly said, "...April saw some slight softening in business activity, we remain confident in the midpoint of our guidance because of the hard work our team has done managing expenses."