Lamar Advertising had second-quarter earnings of $11.4 million, or 12 cents a share, coming in ahead of the 8-cent-a-share profit analysts had forecast. The Baton Rouge-based billboard company was boosted by an improving advertising market. During the second quarter of 2010, Lamar had an $8.9 million loss, or 10 cents a share. Revenue was up 2.4%, to $293.3 million, well above the $254.7 million that had been forecast. Lamar is predicting third-quarter earnings of about $293 million, below the $299.9 million average analysts had been predicting. Despite the results, Lamar was downgraded from a “Buy” to a “Hold” by the Benchmark Group. Lamar’s shares were down 10%, or $2.50, in early-morning trading to come in at about $22.40 per share.
Lamar earnings beat estimates
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