Lamar Advertising Company announced its third-quarter operating results for 2024, reporting net revenues of $564.1 million, a 4.0% increase from $542.6 million in the same period of 2023. Net income rose by 5.3% to $147.8 million, compared to $140.4 million year-over-year, with diluted net income per share at $1.44.
Adjusted EBITDA for the quarter increased by 2.1% to $271.2 million, up from $265.7 million in the prior year. Adjusted Funds From Operations (AFFO) grew by 5.7% to $220.7 million, resulting in diluted AFFO per share of $2.15, a 5.4% increase from $2.04 in Q3 2023.
Following these results, Lamar raised its full-year 2024 diluted AFFO guidance to a range of $7.85 to $7.95 per share. Additionally, the company extended the maturity date of its Accounts Receivable Securitization Program from July 21, 2025, to October 15, 2027, enhancing its long-term financial flexibility.
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