Q3 2024 Lamar Advertising Co Earnings Call Transcript
Key Points
- Lamar Advertising Co (LAMR) reported a 4% increase in consolidated revenue for Q3 2024, marking the 14th consecutive quarter of growth.
- The company saw strong performance in local and regional sales, which grew by 4.9%, offsetting the decline in national sales.
- Digital revenue grew by nearly 5% in the quarter, with programmatic sales increasing over 70% from the previous year.
- Lamar Advertising Co (LAMR) raised its full-year AFFO per share guidance to a range of $7.85 to $7.95, reflecting a nearly 6% increase over 2023.
- The company maintained a strong adjusted EBITDA margin of 48.1% for the quarter, well above pre-pandemic levels.
- Operating expenses increased by 5.4% on an acquisition-adjusted basis, driven by spikes in medical costs and contract labor.
- National sales declined by 2.9%, presenting a headwind to overall revenue growth.
- The Gulf Coast region showed relatively flat revenue growth, only increasing by approximately 50 basis points.
- The company experienced a slowdown in M&A activity in 2024, which may impact future growth opportunities.
- Programmatic sales, while growing, have a higher cost of sale at 10%, compared to the overall cost of sales at 6%, impacting margins.
Excuse me, everyone. We now have Sean Reilly and Jay Johnson in conference. (Operator Instructions) In the course of this discussion, Lamar may make for looking statements regarding the company including statements about its future financial performance, strategic goals, plans and objectives, including with respect to the amount and timing of any distributions to stockholders and the impacts and effects of general economic conditions on the company's business, financial condition and results of operations.
All forward-looking statements involve risk uncertainties and contingencies many of which are beyond Lamar's control and which may cause actual results to differ materially from anticipated results. Lamar has identified important factors that could cause actual results to differ materially from those discussed in the company's third quarter 2024 earnings release and its most recent annual report on Form 10-K. Lamar refers you to those documents.
Lamar's third quarter 2024 earnings release which contains information required by Regulation G regarding certain non-GAAP financial measures
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