Lamar Advertising Company Announces Third Quarter Ended September 30, 2024 Operating Results

Core Insights - Lamar Advertising Company reported strong financial results for the third quarter of 2024, with net revenues of $564.1 million, a 4.0% increase from $542.6 million in the same quarter of 2023 [3][21] - The company also recognized a net income of $147.8 million for Q3 2024, up from $140.4 million in Q3 2023, reflecting a 5.3% increase [3][21] - Adjusted EBITDA for the third quarter was $271.2 million, representing a 2.1% increase from $265.7 million in Q3 2023 [4][21] Three Month Results - Net revenues for Q3 2024 were $564.1 million, compared to $542.6 million in Q3 2023, marking a 4.0% increase [3][21] - Net income for Q3 2024 was $147.8 million, up from $140.4 million in Q3 2023, an increase of $7.4 million [3][21] - Adjusted EBITDA for Q3 2024 was $271.2 million, compared to $265.7 million in Q3 2023, a 2.1% increase [4][21] Nine Month Results - For the nine months ended September 30, 2024, net revenues were $1.63 billion, up from $1.56 billion in the same period of 2023, a 4.7% increase [7][21] - Net income for the nine months ended September 30, 2024, was $363.9 million, compared to $347.5 million for the same period in 2023, an increase of $16.4 million [7][21] - Adjusted EBITDA for the nine months ended September 30, 2024, was $754.6 million, compared to $717.6 million in 2023, a 5.2% increase [8][21] Financial Metrics - Funds from operations (FFO) for Q3 2024 were $214.0 million, compared to $210.0 million in Q3 2023, a 1.9% increase [5][21] - Adjusted funds from operations (AFFO) for Q3 2024 were $220.7 million, up from $208.8 million in Q3 2023, a 5.7% increase [5][21] - Diluted AFFO per share increased 5.4% to $2.15 for Q3 2024, compared to $2.04 for Q3 2023 [5][21] Liquidity and Guidance - As of September 30, 2024, Lamar had total liquidity of $450.7 million, consisting of $421.2 million available for borrowing and $29.5 million in cash [10][21] - The company raised its full-year guidance for diluted AFFO to a range of $7.85 to $7.95 per share [2][12]