Lamar Advertising (LAMR) saw its stock price plummet 5.16% in pre-market trading following the release of its first-quarter earnings report, which fell short of analyst expectations. The outdoor advertising company's financial results revealed mixed performance, with revenue and adjusted EBITDA missing Wall Street estimates.
According to the report, Lamar's Q1 revenue came in at $505.43 million, falling short of the $508.8 million forecast by analysts. More significantly, the company's adjusted EBITDA of $210.221 million missed the mark considerably, with analysts expecting $231.1 million. This substantial gap in EBITDA performance likely contributed to investors' negative reaction.
Despite the disappointing figures, Lamar Advertising reported a net income of $139.229 million and earnings per share (EPS) of $1.35 for the quarter. The company also generated free cash flow of $121.114 million. In an attempt to reassure investors, Lamar stated that it remains on track to reach its guidance for full-year diluted AFFO per share. However, this assurance seems to have done little to stem the stock's decline in early trading, as investors appear to be focusing on the missed quarterly targets rather than the full-year outlook.
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