Baton Rouge-based Lamar Advertising posted strong earnings in the second quarter, reporting net income of $81.9 million, or 84 cents per diluted share, up from the net income of $59.4 million, or 61 cents per diluted share, during the same three month period last year.
According to Lamar’s second quarter report, net revenues increased 12.6% year-over-year to $387.5 million, up from $344.2 million in the second quarter of 2015.
Adjusted funds for operation was $133.7 million for the quarter, up from $118 million. And diluted AFFO per share increased 12.3% to $1.37 per share for the three months ended June 30, 2016, as compared to $1.22 during the second quarter last year, the earnings report says.
“Our team turned in strong operating results across all key metrics, including sales growth and expense control, yielding substantial Adjusted EBITDA and AFFO increases,” says Lamar CEO Sean Reilly in a statement. “We are particularly pleased with the performance of our digital platform, as revenue trends on both our new units and our existing units were extremely encouraging.”
In January, Lamar Advertising acquired more than 5,500 outdoor signs and digital billboards from Clear Channel Outdoor Holdings in five U.S. markets for $458.5 million.
Read the full second quarter report.
—Alexandria Burris
