Lamar Advertising FFO Rises

(RTTNews) - Lamar Advertising Company (LAMR)Thursday reported Funds from operations, or FFO, of $210.03 million, higher than $207.9 million last year.

Excluding one-time items, adjusted funds from operations, or AFFO, slightly increased to $208.78 million or $2.04 per share from $206.39 million or $2.03 per share in the previous year.

The company posted net income of $139.93 million or $1.37 per share for the third quarter, lower than $146.09 million or $1.44 per share in the same quarter a year ago, mainly due to an increase in interest expense of $11.5 million.

On average, analysts polled by Thomson-Reuters expect the company to report earnings of $1.38 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter increased 2.9% to $542.61 million from $527.39million a year ago.

Looking forward, Lamar chief executive Sean Reilly said, "The broader advertising environment remains challenging. Nevertheless, based on current bookings, we are pacing to reach or even slightly exceed the upper end of our revised guidance for full-year diluted AFFO per share."

In June, the company had cut its AFFO per share outlook to $7.13 to $7.28.