banner
Home / News / Lamar Advertising Clocks 8.3% Top
News

Lamar Advertising Clocks 8.3% Top

May 16, 2023May 16, 2023

Lamar Advertising Co (NASDAQ: LAMR) reported fourth-quarter FY22 sales growth of 8.3% year-on-year, to $535.51 million, missing the consensus of $542 million.

Operating margin was 20.5%, and operating income for the quarter fell 26.6% to $110.1 million.

General and administrative expenses increased 0.8% to $85.9 million. Adjusted EBITDA increased 9.4% to $252.3 million.

EPS was $0.65 versus $1.21 in the year-ago quarter. Adjusted funds from operations or AFFO per share increased 7.3% to $1.91 from $1.78 for the same period in 2021.

The company held $52.6 million in cash and equivalents as of Dec. 31, 2022.

Cash provided by operating activities for the quarter was $244.5 million, and the free cash flow was $159.3 million.

Buyback: On Feb. 23, 2023, the company's Board authorized the renewal to repurchase up to $250 million of the company's Class A common stock through Sept. 30, 2024.

"We delivered solid financial results for the fourth quarter, with strong local sales offsetting weakening demand from national customers. This allowed us to exceed the top end of our guidance range for full-year diluted AFFO per share," Lamar chief executive Sean Reilly said.

Outlook: Lamar sees FY23 EPS of $5.14 - $5.21 and AFFO per share of $7.40 - $7.55.

Price Action: LAMR shares closed lower by 0.36% at $104.73 on Thursday.

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

This article Lamar Advertising Clocks 8.3% Top-Line Growth In Q4; Predicts Solid Revenue Growth & Moderating Expense Growth For 2023 originally appeared on Benzinga.com

.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Related Quotes

Lamar Advertising CoBuybackOutlookPrice Action: