Lamar Advertising Company's Strong Moat Ensures Long-Term Growth
Mon, Aug. 29, 4:23 PM
Tue, Aug. 9, 11:30 AM
- After a very steady week, Lamar Advertising (NASDAQ:LAMR) is 5.2% lower today despite posting a second quarter that beat expectations across the board.
- Operating results rose across essentially all metrics and the digital platform did well: "Revenue trends on both our new units and our existing units were extremely encouraging," says CEO Sean Reilly.
- Net income rose 38% to $81.9M and EBITDA was up 13.5% (adjusting for acquisition, up 5.6%) to $176.4M (beating an expected $173.5M). Revenue that grew 12.6% was up 3.5% on an acquisition-adjusted basis.
- Diluted adjusted FFO/share rose 12.3%.
- Cash flow from operating activities rose 19.5% to $159.5M; free cash flow was $112.1M (up 10.8% Y/Y).
- At quarter's end, Lamar had $218.6M in total liquidity ($41.7M in cash and equivalents, $176.9M available under a revolving senior credit facility).
- Press Release
Tue, Aug. 9, 6:06 AM
Mon, Aug. 8, 5:30 PM
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Thu, Feb. 25, 4:59 PM
- Lamar Advertising (NASDAQ:LAMR) declares $0.75/share quarterly dividend, 8.7% increase from prior dividend of $0.69.
- Forward yield 5.38%
- Payable March 31; for shareholders of record March 16; ex-div March 14.
Tue, Feb. 23, 12:20 PM
- Lamar Advertising (NASDAQ:LAMR) is off 3.5% following the release of Q4 results where profits fell substantially, mainly due to a REIT conversion-related tax benefit.
- Revenues grew 5.7% and operating income grew 18.4% to $104.8M. Pro forma net revenue grew 2.5%. Adjusted EBITDA of $158.7M was up 5.4% but narrowly missed an expected $159.7M; pro format EBITDA grew 3.9%.
- Funds from operations fell to $118.4M from the previous $136.8M; the 2014 total included a noncash tax benefit of $28.2M related to the company's REIT conversion.
- Free cash flow was $103.4M, up 3.2%. The company had $313.4M in total liquidity on Dec. 31, $22.3M of that in cash and equivalents.
- Related: Lamar Advertising (LAMR) Sean Eugene Reilly on Q4 2015 Results - Earnings Call Transcript (Feb. 23 2016)
Tue, Feb. 23, 6:07 AM
- Lamar Advertising (NASDAQ:LAMR): Q4 EPS of $0.79 misses by $0.03.
- Revenue of $355.97M (+5.7% Y/Y) beats by $1.28M.
Mon, Feb. 22, 5:30 PM
Mon, Jan. 25, 7:40 PM
- Lamar Advertising (LAMR -2.4%) priced its $400M private placement of senior notes due 2026, selling them at 5.75%.
- Proceeds to its Lamar Media unit are expected to be about $394.5M and the offering should close around Thursday.
- As reported, the company will use proceeds to repay a $300M term loan from earlier this month related to acquiring billboard assets from Clear Channel Outdoor Holdings, as well as part of its revolver.
- Previously: Clear Channel Outdoor closes $458.5M sale, gives back gains (Jan. 07 2016)
Mon, Jan. 25, 10:27 AM
- Lamar Advertising (LAMR -1.1%) is looking to raise about $400M through a private placement of senior notes.
- The company will use proceeds to repay a $300M term loan it used earlier this month to fund its purchase of $458.5M in billboard assets from Clear Channel Outdoor Holdings, as well as pay back part of borrowings under its revolving credit.
- The company will pursue an institutional private placement of notes due 2026.
Thu, Jan. 7, 1:03 PM
- After vaulting toward the close yesterday over a report that it was discussing selling nearly $1B in billboard assets, Clear Channel Outdoor Holdings (NYSE:CCO) has given it back and then some, down 8.3% today.
- The company says it's closed a sale of five "non-strategic" outdoor markets to Lamar Advertising (NASDAQ:LAMR), for $458.5M in a pair of transactions.
- One transaction covers Reno, Nev.; Des Moines, Iowa; and Seattle. Those markets generated $40.9M in net revenues (trailing 12 months). The other covers Cleveland and Memphis, Tenn.; those markets generated $35.6M in net revenues. The $458.5M deal price is a blended multiple of 12.5 times the five markets.
- The company didn't state a use for proceeds, though it's expected they could go toward the $20B debt load of parent iHeartMedia (OTCPK:IHRT -5.5%).
Wed, Jan. 6, 3:55 PM
- Clear Channel Outdoor Holdings (NYSE:CCO) has jumped 15.3% in the closing minutes as Reuters reports Lamar Advertising (NASDAQ:LAMR) is in advanced talks to buy a set of billboard assets for nearly half a billion dollars.
- Lamar is nearing a deal to buy CCO's billboard assets in Cleveland; Des Moines, Iowa; Memphis, Tenn.; Reno, Nev.; and Seattle, sources said, though talks aren't final. The holdings could draw about $450M.
- One source adds CCO plans to sell a different $350M-$400M of billboard assets elsewhere to private buyers such as Total Outdoor and Reagan Outdoor.
- Proceeds would help CCO's parent iHeartMedia (OTCPK:IHRT) with some $20.6B in debt.
Dec. 9, 2015, 4:29 PM
- Lamar Advertising (NASDAQ:LAMR) declares $0.69/share quarterly dividend, in line with previous.
- Forward yield 4.71%
- Payable Dec. 30; for shareholders of record Dec. 21; ex-div Dec. 17.