Lamar Advertising Q4 Profit Soars - Quick Facts

(RTTNews) - Lamar Advertising Co. (LAMR) reported that fourth-quarter net income applicable to common stock soared to $207.79 million or $2.18 per share from $10.09 million or $0.11 per share in the prior-year quarter.

Results for the latest quarter include a one time income tax benefit of $120.1 million related to the write off of a substantial portion of the company's deferred tax liabilities as a result of its conversion to a real estate investment trust.

Funds From Operations or FFO rose to $136.84 million from $85.99 million last year. Adjusted Funds From Operations or AFFO for the quarter was 117.28 million or $1.23 per share, compared to $98.98 million or $1.04 per share in the prior year.

On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.38 for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter increased 5.1 percent to $336.70 million from $320.35 million a year ago, and adjusted net revenue was $329.21 million, compared to $313.35 million in the same quarter last year. Pro forma adjusted net revenue increased 4.4 percent to $329.2 million. Analysts expected revenue of $325.83 million for the quarter.

Looking ahead to fiscal 2015, the company projects earnings in a range of $2.53 to $2.64 per share and adjusted FFO in the range of $4.34 to $4.45 per share. Street is currently looking for full-year 2015 earnings of $1.56 per share.