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LAMR Nasdaq· Lamar Advertising Company
Earnings report Q3 2023

Lamar Advertising Company Reports 3.9% Increase in Net Revenues for the Nine Months Ended September 30, 2023

Segments of revenue

Lamar Advertising Company reported net revenues of $1.56 billion for the nine months ended September 30, 2023, representing a 3.9% increase compared to the same period in 2022. This growth was primarily driven by an increase in billboard net revenues of $47.7 million and an increase in transit net revenues of $8.9 million.

Strengths

Lamar Advertising Company demonstrated solid financial performance in the latest quarter, with a 3.9% increase in net revenues. The company's ability to increase occupancy of its existing advertising displays and raise rates contributed to this growth. Additionally, Lamar Media's qualification for taxation as a REIT and adjustments for foreign items positively impacted the company's effective tax rate.

Challenges

Despite the overall positive performance, Lamar Advertising Company experienced a slight decrease in net income for the three months ended September 30, 2023, compared to the same period in 2022. The decrease in net income can be attributed to factors not disclosed in the provided context, such as higher operating expenses or other income adjustments.

Noteworthy

Lamar Advertising Company provided a reconciliation of its net revenue results for the three months ended September 30, 2022, to account for acquisitions occurring after December 31, 2021. This adjustment ensures a more accurate representation of the company's net revenue growth.

Summary

Lamar Advertising Company delivered a solid performance in the latest quarter, with a 3.9% increase in net revenues. The company's focus on increasing occupancy and raising rates for its advertising displays contributed to this growth. However, there was a slight decrease in net income for the quarter, which could be attributed to undisclosed factors. Overall, Lamar Advertising Company remains well-positioned in the outdoor advertising industry, leveraging its extensive network of displays to drive revenue growth.

Source documents

Form 10-Q  filed on Nov 02, 2023
79 pages scanned

Reference data

Company financials Q3 revenue 558M
Analyst estimates Q3 EPS beat by ∞%
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