Lamar Advertising Now Sees FY16 AFFO At Upper End Of Forecast Range

(RTTNews) - Lamar Advertising Co. (LAMR), an operator of outdoor advertising and logo sign displays, Thursday said it expects to finish the year at the upper end of previously provided Adjusted Funds From Operations, or AFFO guidance of $4.85 to $5.00 per share.

On average, 8 analysts polled by Thomson Reuters expect earnings of $3.06 per share for the year. Analysts' estimates typically exclude special items.

The company said its third-quarter results turned out better than anticipated, thanks in part to a pick up in political spending and continued strength in digital platform.

For the third quarter of 2016, Funds From Operations, or FFO was $130.9 million, 6 percent higher than $123.5 million last year. AFFO was $134.0 million, compared to $122.6 million for the same period in 2015.

AFFO per share increased 7.9% to $1.37 from $1.27 a year ago.

Lamar recognized net income of $85.1 million, compared to net income of $86.0 million in 2015. Net income per share was $0.87, lower than $0.89 last year.

Net revenues of $387.5 million increased 10.5 percent from $350.7 million a year ago. Analysts expected $386.68 million. Acquisition-adjusted net revenue increased 3.6%.

Adjusted EBITDA for the third quarter of 2016 was $177.3 million, an increase of 11.5%.