Lamar Advertising Company (LAMR), an owner and operator of outdoor advertising and logo sign displays, today announced financial results for the third quarter of 2021.
Lamar reported net revenues of $476.9 million for the third quarter of 2021 versus $386.1 million for the third quarter of 2020, a 23.5% increase.
Net income per diluted share was $1.05, coming in slightly below EPS estimates.
Rising Billboard Sales
On the company's revenue increase for the third quarter, CEO Sean Reilly commented, "We are very pleased with our third-quarter results and the sustained, robust recovery in the US advertising market. Our 2021 billboard revenue is expected to exceed our 2019 total."
Lamar's digital billboard sales far outpaced its traditional billboard segment. The company reported over $15 million in digital billboard sales compared to just $5.7 million in traditional boards.
Return to Pre-Pandemic Normal
Reilly further stated that "transit is well on its way back to pre-pandemic levels and our logos business continues steady."
The company's digital billboard sales saw a $12 million increase from 2020 as it surges back to 2019 levels.
While transit revenues are still down near $300,000, they are also ticking back close to returning to pre-Covid figures.
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Lamar Advertising Co is an outdoor advertising company organized as a real estate investment trust for U.S. federal income tax purposes. Lamar's core revenue-generating activity is leasing space for advertising on billboards, buses, shelters, benches, logo plates, and airport terminals through short-term agreements. The company is involved in this process from ad copy production to the placement and maintenance of physical advertisements. The vast majority of Lamar's revenue comes from renting ad space on its portfolio of static and digital roadside billboard displays in the U.S. The states of Pennsylvania and Texas house a proportion of these. The company's customers are restaurant, service, healthcare, and retail firms in terms of total revenue.