Shares of Lamar Advertising (NASDAQ: LAMR) have risen 12.6% year to date against its industry's increase of 3.3%. The company currently carries a Zacks Rank #2 (Buy).
Earlier this month, this real estate investment trust (REIT), headquartered in Baton Rouge, LA, reported second-quarter 2024 adjusted funds from operations (AFFO) per share of $2.08, which beat the Zacks Consensus Estimate of $2.07. The figure also compared favorably with the prior-year quarter's tally of $1.90. Results reflected year-over-year growth in the top line, driven by the continued strong demand from local and regional advertisers.
Per the company's chief executive, Sean Reilly, "The revenue gain, combined with continued discipline on expenses, allowed us to produce adjusted EBITDA growth of nearly 7% and diluted AFFO per share growth of 9.5%. Also, we continue to pace at the top end of our previously provided guidance of $7.75 to $7.90 for full year diluted AFFO per share."
Image Source: Zacks Investment Research
Let us decipher the factors behind the surge in the stock price and check whether this trend will last or not..
Lamar is one of the largest owners and operators of outdoor advertising structures in the United States. It enjoys an impressive national footprint and ...
