Lamar Advertising Reports Strong 2023 Results

Lamar Advertising Company disclosed its operating results for the fourth quarter and year ended December 31, 2023:

  • Fourth quarter net revenue reached $555.9 million, reflecting a 3.8% increase from the same period in 2022.
  • Net income for the quarter was $149.3 million, up from $66.1 million in the fourth quarter of 2022.
  • Adjusted EBITDA for the quarter was $268.2 million, representing a 6.3% increase year-over-year.
  • The company reported net revenues of $2.11 billion for the full year, marking a 3.9% increase from the previous year.
  • Net income for the full year 2023 was $496.8 million, compared to $438.6 million in 2022.
  • Lamar's CEO, Sean Reilly, highlighted that revenue growth accelerated in the fourth quarter, driven by strength in local sales, and attributed the success to effective expense control.
  • The company's guidance for fiscal year 2024 includes expectations of further growth in Adjusted Funds From Operations (AFFO) with a range of $7.67 to $7.82 per diluted share.
  • Lamar had a total liquidity of $715.8 million as of December 31, 2023, comprising $671.2 million available for borrowing under its revolving senior credit facility and $44.6 million in cash and cash equivalents.

As a result of these announcements, the company's shares have moved -2.7% on the market, and are now trading at a price of $109.83. For more information, read the company's full 8-K submission here.

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