Citi: Lamar Advertising Had a Good Quarter
In a research report released today by Citi, Lamar Advertising Company (NASDAQ: LAMR) reported revenue of $288M, up 4.6% over last year.
Citi went on to say, “OIBDA came in at $126 million, up 9% year-over-year. This translates to a 44% margin, up 180 bps over last year. OIBDA was 4% higher than expectations. Expenses grew 1%, below commentary that 4Q would grow at a similar rate as 3Q (3%). This brought full year consolidated expenses to 3% growth, in line with management comments that full year costs should grow 3-4%.”
Citi maintains its Neutral rating and $32 PT on Lamar Advertising, which closed yesterday at $31.49.
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