Lamar 4Q profit surprises analysts

Lamar Advertising Co. turned a fourth-quarter profit that easily exceeded analysts’ forecasts as an improving economy increased demand for the Baton Rouge-based company’s billboards, logo signs and transit advertising. For the three months ending Dec. 31, Lamar earned $6.3 million, or 7 cents per share, on revenue of $288.2 million. That’s pretty much a reversal of the fourth quarter of 2010, when the company lost $7.2 million, or 8 cents per share, on revenue of $275.5 million. Analysts surveyed by FactSet had forecast Lamar would post a 1-cent-per-share loss and revenue of $284.1 million for the latest quarter. Lamar says it expected first-quarter revenue of about $264 million, a 3% increase over the first quarter of 2011. For 2011, Lamar earned $8.2 million, or 9 cents per share, compared with a 2010 loss of $40.5 million, or 44 cents per share. Revenue rose to $1.13 billion in 2011, from $1.09 billion the year prior. In morning trading, Lamar shares rose $1.47, or 4.6%, to $32.96. The shares have traded in a 52-week range of $16.49 to $40.