Lamar Advertising Co
XMUN:6LA
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Lamar Advertising Co
XMUN:6LA
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Lamar Advertising Co
Lamar Advertising owns and operates outdoor advertising displays, mainly billboards along highways and in busy local markets, plus transit and logo signs in some places. It sells advertisers space on these signs, giving companies a way to reach drivers and commuters close to the point of purchase. Its customers are local businesses, regional advertisers, national brands, and ad agencies that buy campaigns for a set period of time. Lamar makes money by renting out display space, including digital billboards that can show different ads throughout the day and traditional static billboards that stay up for longer runs. What makes Lamar’s business different is that it controls physical advertising locations that are hard to replace and tied to specific traffic routes and local markets. That makes it an important middle layer in the advertising chain: it does not create the ad message itself, but it sells the real-world placement that makes the message visible to people on the move.
Lamar Advertising owns and operates outdoor advertising displays, mainly billboards along highways and in busy local markets, plus transit and logo signs in some places. It sells advertisers space on these signs, giving companies a way to reach drivers and commuters close to the point of purchase.
Its customers are local businesses, regional advertisers, national brands, and ad agencies that buy campaigns for a set period of time. Lamar makes money by renting out display space, including digital billboards that can show different ads throughout the day and traditional static billboards that stay up for longer runs.
What makes Lamar’s business different is that it controls physical advertising locations that are hard to replace and tied to specific traffic routes and local markets. That makes it an important middle layer in the advertising chain: it does not create the ad message itself, but it sells the real-world placement that makes the message visible to people on the move.
Results: Lamar said Q2 revenue and EBITDA both came in ahead of internal forecasts, with acquisition-adjusted revenue up 6.1% and acquisition-adjusted EBITDA up 7.3%.
Margins: Adjusted EBITDA margin reached a record 49.2%, which management called the strongest quarter in company history.
Outlook: Full-year AFFO guidance was raised to $8.75 to $8.90 per share, and management also plans to raise the quarterly dividend to $1.65 per share.
Demand: Strength was broad-based, led by services, political, retail, financial, national, and programmatic demand, while real estate and amusements were softer.
Digital: Digital revenue grew 15.4% year over year and now makes up 33.3% of total revenue, with programmatic again a standout.
M&A: Lamar said it has already spent more than $100 million on acquisitions and easements, expects to exceed $200 million for the year, and is close to closing a second UPREIT transaction next week.