Lamar Advertising Company reported second-quarter results that beat expectations and raised its full-year guidance, citing strong demand for billboard advertising. Net revenues rose 6.5% to $616.7 million, net income grew 6.2% to $164.6 million, and adjusted EBITDA advanced 9.0% to $303.4 million. The company now expects diluted AFFO per share of $8.75 to $8.90 for the full year, up from its previous outlook. However, first-half net income fell 9.4% to $266.5 million, partly due to a one-time gain in the prior year that did not repeat. Lamar also reported $720.2 million in total liquidity as of June 30, with $90.0 million drawn on its credit facility and $250.0 million outstanding under its receivables securitization program.
Lamar Advertising CompanyQ2 beat and raised full-year guidance on strong billboard demand.
