Lamar Advertising reported its first quarterly profit in two years today. The Baton Rouge–based billboard firm, which has been hard-hit by the decline in advertising caused by the recession, had third quarter net income of $781,000, or 1 cent per diluted share. That compares with a loss of nearly $4.8 million, or 5 cents a share, in the third quarter of 2009. Revenue for the company was up 5.3% this year, from $271.8 million in the third quarter of 2009 to $286.1 million. Lamar is projecting fourth-quarter revenue of $275 million, a 4% increase over the end of 2009. That is slightly below analysts’ forecast of $277.9 million, according to Thomson Reuters.
Lamar posts first quarterly profit in two years
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