Lamar Advertising Q3 FFO Rises

(RTTNews) - Lamar Advertising Company (LAMR), an owner and operator of outdoor advertising, on Friday posted a rise in Funds From Operations or FFO for the third-quarter, driven by an increase in revenue.

For the quarter ended on September 30, the company posted FFO of $207.9 million, compared with $187.6 million a year ago.

Excluding items, FFO was at $206.4 million or $2.03 per share, higher than last year's $192.5 million $1.90 per share.

Net income for the period increased to $146.2 million or $1.44 per share, compared with $106.8 million or $1.05 per share during the corresponding period last year.

Adjusted EBITDA was reported at $251.2 million versus $230.7 million of last year.

Operating income moved up to $181 million from $133.3 million during the corresponding quarter of 2021.

Lamar generated net revenues of $527.4 million, versus $476.9 million of previous year quarter.

Looking ahead, Lamar Chief Executive Sean Reilly said: "We expect our expense growth to continue to normalize in the fourth quarter and into 2023, and based on current pacings, we are tracking to the top of our previously provided guidance range for full-year diluted AFFO per share."

In May, the company had said it was expecting fiscal 2022 AFFO in a range of $7.20 to $7.35 per share and earnings in a range of $4.88 to $4.96 per share.