Lamar Advertising Company's Strong Moat Ensures Long-Term Growth
Thu, May 26, 4:21 PM
Thu, May 5, 6:05 AM
Wed, May 4, 5:30 PM
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Thu, Feb. 25, 4:59 PM
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.
- Press Release
- Related: Lamar Advertising (LAMR) Sean Eugene Reilly on Q4 2015 Results - Earnings Call Transcript (Feb. 23 2016)
Tue, Feb. 23, 6:07 AM
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.
Dec. 8, 2015, 4:18 PM
- Lamar Advertising (NASDAQ:LAMR) beat a down market today, +0.4%, after earning an upgrade from Topeka Capital to Buy on dividend hopes.
- The firm bumped its rating from a previous Hold and raised its target price to $73, from $60; shares closed at $58.73, implying 24%-plus upside.
- Topeka was bullish on Lamar through most of 2014, only downgrading when it thought the company had hit a reasonable valuation. Analyst David Miller thinks it's a compelling play again, with a dividend hike to $3 from $2.75 "right around the corner" -- and possibly to as high as $3.30 by the end of 2016. Existing free cash flow is being used to pare debt, he notes.
- Low gas prices are also pumping up U.S. driver miles, playing into the company's market-leading digital board footprint of 2,246, and Miller doesn't see a secular threat in outdoor advertising.
Nov. 17, 2015, 7:23 PM
- Lamar Advertising (NASDAQ:LAMR) CEO Sean Reilly has been named to the Advisory Board of Governors of the National Association of Real Estate Investment Trusts, the company says.
- "As Lamar nears the end of our second year as a REIT, I believe there is a growing recognition of the virtues of billboards as a real-estate asset class," Reilly said.
- Trade group NAREIT was formed in 1960 and operates as a lobbyist for REITs and publicly traded real estate companies. The Advisory Board lacks representation from billboard REITs, though the classification of billboard income as real property rent is just a few years old.
Nov. 9, 2015, 5:22 PM
- Clear Channel Outdoor Holdings (CCO -4.8%) is looking at the sale of U.S. billboard assets that might collectively come to $800M, Reuters reports.
- The company has hired Moelis & Co. to advise it on a sale, sources said. The assets in question reportedly generate annual EBITDA of $60M-$70M.
- Buyers could include rivals like Outfront Media (NYSE:OUT), Lamar Advertising (NASDAQ:LAMR), GTCR and JCDecaux. Clear Channel could divest holdings in a variety of regions, which could include Las Vegas, Seattle, Portland, and Bentonville and Fort Smith, Ark.
- About 88% of Clear Channel Outdoor is held by iHeartMedia (OTCPK:IHRT -10%).
Nov. 5, 2015, 6:03 AM
- Lamar Advertising (NASDAQ:LAMR): Q3 EPS of $0.89 beats by $0.10.
- Revenue of $350.70M (+4.7% Y/Y) beats by $2.33M.
Lamar Advertising Co. is the advertising company. It offers solutions for clients in the form of bulletins and posters. The company operates the business through one segment: Advertising. It bulletins are generally large, illuminated advertising structures that are located on major highways and... More
Industry: Marketing Services
Country: United States
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