Lamar Advertising Reports Strong 2023 Results

By Tamara Parker • Friday, February 23 10:09 • Permanent Link

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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