Dallas, Texas 05/08/2014 (FINANCIALSTRENDS) – Lamar Advertising Co (NASDAQ:LAMR) reported generating first quarter 2014 net revenues of $284.9 million. This is a 3% increase on the $276.6 million in revenue the company reported for the first quarter last year.
The earnings and other results were generally on par or slightly below analyst expectations, but the overall trend over the past couple of years is for Lamar to be moving steadily towards lower losses in each successive quarter. This means the red ink is about to turn black quite soon.
Lamar Advertising First Quarter Earnings Report
Lamar reported $31.1 million in operating income for the first quarter of 2014, which compares favorably to the $19.1 million reported for the first quarter last year. The company recognized a net $4.8 million loss for the first quarter this year, which is less than half the $10.3 million loss reported for the same quarter in 2013.
Adjusted EBITDA for the first quarter this year was $104.4 million, which is a 1.2% increase on the $103.1 million in adjusted EBITDA reported for the first quarter last year.
New Metrics Introduced by Lamar Advertising
Lamar Advertising also unveiled two new metrics, FFO and AFFO, which many REITs tend to provide to investors. Funds From Operations (FFO) for the first quarter 2014 were $60.4 million, as compared to $59.3 million for the first quarter in 2013. Adjusted Funds From Operations (AFFO) were reported to be $58.8 million for the first quarter this year, as compared to $50.2 million for the same quarter last year.
Lamar also provided guidance for the second quarter of 2014.They expect adjusted net revenue for the second quarter to be in the range of $331 to $334 million. This will be an increase of 1-2% on a pro forma adjusted basis.
