Lamar Advertising Posts Strong Q2 Growth

By Tamara Parker • Thursday, August 08 08:06 • Permanent Link

Lamar Advertising Company has announced its operating results for the second quarter ended June 30, 2024, showing impressive growth compared to the same period in 2023.

In the second quarter of 2024, Lamar's net revenue increased by 4.5% to $565.3 million compared to $541.1 million in the second quarter of 2023. Adjusted EBITDA grew by 6.9% to $271.6 million from $253.9 million in the same period of 2023. Net income for the second quarter of 2024 was $137.6 million, up from $130.9 million in the second quarter of 2023, marking an increase of $6.7 million.

For the six months ended June 30, 2024, Lamar reported net revenues of $1.06 billion, a 5.0% increase from $1.01 billion in the same period of 2023. Adjusted EBITDA for the six months ended June 30, 2024, was $483.5 million, up 7.0% from $451.9 million in the same period of 2023. The company recognized a net income of $216.1 million for the six months ended June 30, 2024, compared to $207.1 million for the same period in 2023, representing a $9.0 million increase.

The company's liquidity as of June 30, 2024, amounted to $744.3 million, with $666.4 million available for borrowing under its revolving senior credit facility and $77.9 million in cash and cash equivalents.

In a recent development, on July 31, 2024, Lamar Media paid in full its $350.0 million in term A loans outstanding under its senior credit facility. The term A loans were repaid using a combination of borrowings under the revolving credit facility and cash on hand. Currently, the company has $315.0 million in borrowings outstanding under the revolving credit facility.

Furthermore, on July 24, 2024, Lamar entered into an equity distribution or at-the-market offering agreement, allowing it to issue and sell shares of its class A common stock with an aggregate offering price of up to $400.0 million through the sales agents party to the agreement.

These results reflect Lamar Advertising Company's strong performance and growth in its operating metrics compared to the same periods in 2023. As a result of these announcements, the company's shares have moved 1.3% on the market, and are now trading at a price of $114.06. For the full picture, make sure to review Lamar Advertising's 8-K report.

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