In This Story
Lamar Advertising Company (LAMR-0.55%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $564.1 million from $542.6 million in the same quarter the previous year. The increase is primarily attributed to growth in billboard and transit advertising revenues.
Operating expenses, excluding depreciation and amortization, rose to $304.9 million from $280.7 million, driven by higher direct, general, and administrative expenses.
Depreciation and amortization expenses increased slightly to $75.1 million, reflecting recent acquisitions and capital expenditures.
A gain of $2.5 million was recorded from the disposition of assets, primarily related to the sale of real estate and billboard displays.
Net income for the quarter was $147.8 million, up from $140.4 million in the previous year. The effective tax rate was (0.8)%, influenced by the company's REIT status.
Interest expense decreased to $42.9 million from $45.1 million, due to lower interest rates on the senior credit facility and securitization program.
Cash provided by operating activities was $594.3 million for the nine months ended September 30, 2024, an increase from $529.4 million in the same period of 2023.
Capital expenditures for the nine months totaled $82.3 million, with the company expecting total 2024 capital expenditures to reach approximately $125 million.
Lamar Advertising declared quarterly cash dividends of $1.40 per share, with total expected distributions for 2024 anticipated to be at least $5.40 per share.
The filing also outlines the company's liquidity position, with total liquidity of $450.7 million, including cash and availability under the revolving credit facility.
Management does not anticipate any material changes in its risk factors since the last annual report.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lamar Advertising Company quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.