Lamar Advertising Co. (LAMR) Thursday reported a decline in first quarter profit, despite improved revenue, compared to the prior year.
Quarterly earnings for the operator of outdoor advertising and logo sign displays were $101.19 million, down from $138.66 million last year. On a per share basis, earnings were $1.00, down from $1.35 in the prior year.
Funds from Operation or FFO was $167.8 million, compared to $156.1 million last year. Adjusted funds from operation or FFO increased 8 percent to $177.5 million from $164.3 million a year ago.
On an adjusted basis, EBITDA was $226.3 million.
Net revenue for the quarter increased to $528.00 million from $505.43 million last year.
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