BATON ROUGE, La. (AP) — Lamar Advertising Co. (LAMR) on Wednesday reported a key measure of profitability in its second quarter.
The Baton Rouge, Louisiana-based real estate investment trust said it had funds from operations of $150.5 million, or $1.52 per share, in the period.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $100.3 million, or $1.02 per share.
The outdoor and transit advertising company, based in Baton Rouge, Louisiana, posted revenue of $419.8 million in the period.
Lamar expects full-year funds from operations in the range of $5.30 to $5.40 per share.
The company's shares have decreased nearly 2 percent since the beginning of the year. The stock has climbed slightly more than 6 percent in the last 12 months.
