Lamar Advertising rises on solid 1Q outlook
NEW YORK (AP) — Lamar Advertising Co. said Wednesday that net income rose 13 percent in the fourth quarter. The company's shares moved higher in morning trading.
Lamar runs 150 outdoor advertising companies in 44 states, as well as Canada and Puerto Rico, along with 60 transit advertising franchises and logo businesses in 22 states. Revenue grew by 6 percent in the fourth quarter, and the company forecast better-than-expected sales in the first quarter.
Shares of the Baton Rouge, La., company rose $1.91, or 4.4 percent, to $45.52.
Net income increased to $7.1 million, or 8 cents per share, from $6.3 million, or 7 cents per share. Revenue increased to $305.5 million from $288.2 million.
Analysts expected a profit of 11 cents per share and $304.3 million in revenue, according to FactSet.
For all of 2012 Lamar's net income rose to $9.5 million, or 10 cents per share, from $8.2 million, or 9 cents per share, in 2011. Revenue grew 4 percent, to $1.18 billion.
The company expects revenue of $282 million to $285 million in the first quarter. Analysts projected $279.2 million, on average.