Lamar Advertising (NASDAQ: LAMR) reported Q2 EPS of $0.31, $0.08 worse than the analyst estimate of $0.39. Revenue for the quarter came in at $374.7 million versus the consensus estimate of $375.4 million.

Three Month Results

• Net revenue was $347.7 million
• Net income was $31.4 million
• Adjusted EBITDA was $133.2 million.

“As we anticipated, business picked up during the quarter as stay-at-home orders were lifted, drivers hit the roads and many businesses reopened. As we put concerns about the size of the OOH audience in the rear-view mirror, our customers began to spend again. This recovery in contract activity continued into the third quarter, and although the second surge of COVID-19 cases has taken a little wind out of our sails, we remain cautiously optimistic about the revenue outlook for the balance of 2020," said CEO Sean Reilly. "On the expense side, we are seeing the benefits of our efforts to contain costs and adjust our operations to the current environment."

GUIDANCE:

Lamar Advertising sees FY2020 EPS of $1.55-$1.93, versus the consensus of $2.39.

We are revising our 2020 guidance to incorporate the impact of the COVID-19 pandemic on our business. We now expect net income per diluted share for fiscal year 2020 will be between $1.55 and $1.93, with diluted AFFO per share between $4.16 and $4.56. See “Supplemental Schedules and Unaudited Reconciliations of Non-GAAP Measures,” for a reconciliation to GAAP.

For earnings history and earnings-related data on Lamar Advertising (LAMR) click here.