Lamar Advertising Co
) reported strong third-quarter 2013 results with earnings per
share rising 46% to 19 cents from the year-earlier quarter. The
robust year-over-year increase in earnings is primarily
attributable to top-line improvement. The reported earnings
marginally beat the Zacks Consensus Estimate by a penny.
Net revenue for the reported quarter increased 5.5% year over
year to $323.2 million. The reported revenues marginally beat the
Zacks Consensus Estimate of $322 million.
Adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA) for the reported quarter was $147.6
million, up from $140.6 million in the comparable period last
At quarter-end, Lamar Advertising had 1,836 digital units in
the air, compared with 1,785 units in the previous quarter.
During the quarter, the company added 25 digital
Cash Flow & Balance
Lamar Advertising had a liquidity of $425.7 million at the
quarter-end, of which $243.0 million was available under its
revolving senior credit facility and $182.7 million in cash and
Free cash flow in the reported quarter was $87.8 million
against $77.7 million in the year-ago quarter.
For the fourth quarter of 2013, management expects net revenue
in the range of $314 million to $317 million, rising 0.5% to 1.5%
on a pro forma basis.
Lamar Advertising has a Zacks Rank #3 (Hold). Other players in
the industry worth considering include
Publicis Groupe SA
Clear Channel Outdoor Holdings Inc.
). All of these have a Zacks Rank #2 (Buy).
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