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First American: Cardinal Robert Francis Prevost was elected as Roman Catholic pontiff, the first ever pope from the U.S. and a possible bridge between the moderate and hardline sides of the church. Prevost, 69, chose the name of Leo XIV for his pontificate and was greeted by thousands of cheering faithful as he stepped out onto a balcony overlooking St. Peter’s Square to be presented to the world on Thursday. Read more from Bloomberg.
First quarter reporting: Lamar Advertising Company reported first-quarter net revenues of $505.4 million, a 1.5% increase year-over-year, with net income surging 77.4% to $139.2 million, primarily due to a $67.7 million gain from the sale of its equity stake in Vistar Media. Adjusted EBITDA slightly declined by 0.8% to $210.2 million, while adjusted funds from operations rose 3.8% to $164.3 million, reflecting continued growth in local and programmatic advertising segments. Read the full announcement.
Assessing a new fee: Lawmakers are considering giving the Sewerage and Water Board of New Orleans the authority to impose a new stormwater fee on all developed parcels in the city, aiming to shore up funding for the city’s beleaguered drainage infrastructure. The measure, House Bill 609, would enact a new section of state law requiring the board to assess the fee under a “formula rate plan” approved by the Public Service Commission. Read more from The Center Square.
