(RTTNews) - Lamar Advertising Company (LAMR) reported third quarter funds from operations, or FFO, of $214.0 million versus $210.0 million for the same period in 2023, an increase of 1.9%. Adjusted funds from operations, or AFFO, was $220.7 million compared to $208.8 million, an increase of 5.7%. AFFO per share increased 5.4% to $2.15 from $2.04.
Net income was $147.8 million for the third quarter compared to $140.4 million for the same period in 2023. Net income per share was $1.44 compared to $1.37.
On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $1.45, for the quarter. Analysts' estimates typically exclude special items.
Net revenues were $564.1 million for the third quarter versus $542.6 million for the third quarter of 2023, a 4.0% increase. Acquisition-adjusted net revenue for the third quarter of 2024 increased 3.6%. Analysts on average had estimated $593.83 million in revenue.
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