RTTNews | Nov 3, 2021 06:23AM EDT

06:23 Wednesday, November 3, 2021 (RTTNews.com) - Lamar Advertising Company (LAMR) said it is pleased with third-quarter results and the robust recovery in the US advertising market. The company expects 2021 billboard revenue to exceed 2019 total. Also, Lamar increased its guidance for full-year AFFO to $6.35 to $6.50 per share.

Third quarter net income per share was $1.05 compared to $0.62, prior year. Adjusted funds from operations, or AFFO, was $192.5 million, an increase of 44.3%. AFFO per share increased 43.9% to $1.90 from $1.32.

On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $1.15, for the quarter. Analysts' estimates typically exclude special items.

Net revenues were $476.9 million, a 23.5% increase. Analysts on average had estimated $458.940 million in revenue.

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