Published on 26 Feb 2024 on Zacks via Yahoo Finance
Lamar (LAMR) Stock Declines 2.4% Despite Q4 AFFO & Revenues Beat
Lamar Advertising Company LAMR reported fourth-quarter 2023 adjusted funds from operations (AFFO) per share of $2.10, beating the Zacks Consensus Estimate of $1.95. The figure also compared favorably with the prior-year quarter's tally of $1.91.
Results reflect year-over-year growth in the top line. However, higher interest expenses during the quarter acted as a dampener. Probably because of negative sentiments, shares of the company lost 2.44% on the Feb 23 normal trading session on the NYSE despite better-than-expected results.
Quarterly net revenues of $555.9 million increased 3.8% on a year-over-year basis and beat the consensus mark of $549.8 million.