Lamar Advertising Company (LAMR) Q4 2024 earnings summary

Executive summary

• Ended 2024 with accelerated revenue growth in Q4, driven by political, local, and programmatic sales.

• Full-year AFFO per share reached $7.99, up 7% year-over-year and exceeding guidance.

• All business lines (Outdoor, logos, transit, airports) saw revenue increases year-over-year.

• Q4 net revenue was $579.6M, up 4.3% year-over-year; full-year net revenue reached $2.21B, up 4.6%.

• Q4 net loss was $1.0M due to a $159.7M asset retirement obligation expense; excluding this, net income rose 6.3% year-over-year.

Financial highlights

• Q4 revenue up 4.1% acquisition-adjusted year-over-year; EBITDA up 3.9%.

• Q4 free cash flow was $195.6M (+8.5% year-over-year); full-year free cash flow was $735.9M (+16.1%).

• Q4 diluted AFFO per share rose 5.2% to $2.21; full-year diluted AFFO per share was $7.99 (+7.0%).

• Adjusted EBITDA for Q4 was $278.5M (+3.9%); full-year Adjusted EBITDA was $1.03B (+4.8%).

• Depreciation and amortization expense spiked due to higher asset retirement obligation estimates, a non-cash item.

Outlook and guidance

• 2025 AFFO per share guidance: $8.13–$8.28, reflecting 1.8%–3.6% growth.

• 2025 net income per diluted share expected between $6.01 and $6.07.

• Acquisition-adjusted revenue growth expected at 3% for 2025; similar increase in operating expenses.

• Q1 2025 revenue growth expected to be modest, with acceleration later in the year.

• Regular dividend expected at $6.20 per share in 2025, excluding special dividend from Vistar sale.