Lamar Advertising (NASDAQ: LAMR) reported Q1 EPS of $0.38, $0.02 better than the analyst estimate of $0.36. Revenue for the quarter came in at $370.9 million versus the consensus estimate of $362.25 million.

First Quarter Highlights

• Total operating expenses decreased 9.0%
• Adjusted EBITDA margin of 41.1%
• Free cash flow increased 10.6%
• Diluted AFFO per share increased 2.7%

“The advertising rebound is well underway," Lamar chief executive Sean Reilly said. "Both local and national sales activity have accelerated, with digital showing particular strength. In fact, bookings in March and April for the rest of 2021 handily exceeded bookings in the same months of 2019 for the rest of that year. As a result, we are raising our previously provided guidance for full year diluted AFFO per share to a range of $5.40 to $5.60.”

GUIDANCE:

Lamar Advertising sees FY2021 EPS of $2.96-$3.12, versus the consensus of $3.02.

We are updating our 2021 guidance issued in February 2021 to reflect our expected continued recovery from the COVID-19 pandemic during 2021. We now expect net income per diluted share for fiscal year 2021 to be between $2.96 and $3.12, with diluted AFFO per share between $5.40 and $5.60. See “Supplemental Schedules Unaudited REIT Measures and Reconciliations to GAAP Measures” for reconciliation to GAAP.

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