BATON ROUGE, La. - Lamar Advertising Company (NASDAQ:LAMR) reported second quarter revenue that topped analyst expectations, sending shares soaring 10%.
The outdoor advertising company posted revenue of $565.3 million for the quarter, beating the consensus estimate of $564.36 million. However, adjusted earnings per share came in at $1.34, slightly below the $1.36 analysts were expecting.
Lamar's revenue increased 4.5% YoY, driven by strong demand from local and regional advertisers. The company also demonstrated cost discipline, with adjusted EBITDA rising 6.9% to $271.6 million.
"We delivered solid revenue growth in the second quarter, buoyed by continued strong demand from local and regional advertisers," said Lamar CEO Sean Reilly. "The revenue gain, combined with continued discipline on expenses, allowed us to produce adjusted EBITDA growth of nearly 7% and diluted AFFO per share growth of 9.5%."
Looking ahead, Lamar reaffirmed its full-year guidance, stating it continues to pace at the top end of its previously provided range of $7.75 to $7.90 for diluted adjusted funds from operations per share.
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