Q1 2024 Lamar Advertising Co Earnings Call Transcript
Key Points
- Lamar Advertising Co (LAMR) reported a 5.3% revenue growth on an acquisition-adjusted basis, marking the 12th consecutive quarter of pro forma revenue growth.
- EBITDA increased by 6.5% on an acquisition-adjusted basis, demonstrating strong earnings before interest, taxes, depreciation, and amortization.
- Local sales showed significant strength, increasing by 6.7% compared to the previous year, indicating robust regional market performance.
- Programmatic digital advertising grew by 27%, highlighting Lamar Advertising Co (LAMR)'s effective adaptation to digital trends.
- The company raised its full-year AFFO per share guidance to $7.75 to $7.90, reflecting confidence in continued financial performance improvement.
- National advertising spend was down by approximately 5.5% compared to the first quarter of 2023, indicating challenges in the national market segment.
- Acquisition-adjusted operating expenses increased by 4.4%, driven by the normalization of minimum guarantees to airport partners.
- The company noted a relative weakness in the healthcare and insurance sectors, which could indicate sector-specific market challenges.
- Despite overall growth, the Midwest region's revenue was flat year-over-year, showing regional disparities in performance.
- Lamar Advertising Co (LAMR) anticipates another decline in national advertising in Q2, although it may improve slightly from Q1 levels.
Excuse me, everyone. We now have Sean Reilly and Jay Johnson in conference. (Operator Instructions)
In the course of this discussion, Lamar may make forward-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, including inflationary pressures on the company's business, financial conditions and results of operations. All forward-looking statements involve risks, 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 this company -- in this call and the company's first quarter 2024 earnings release and its most recent annual report on Form 10-K. Lamar refers you to those documents. Lamar's first quarter 2024 earnings release, which contains
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