Lamar Advertising Co., the Baton Rouge-based outdoor advertising giant, improved its third-quarter results despite the impact of three major hurricanes.
Adjusted funds from operations rose to $137.5 million, or $1.40 per share, compared to $134.0 million, or $1.37 per share, a year ago. Lamar is a real estate investment trust and doesn't pay income taxes on profits as long as 90 percent go to shareholders through dividends. Adjusted funds from operations help predict a real estate investment trust's ability to pay dividends.
Lamar easily beat Wall Street's expectations. Stock analysts surveyed by Zacks Investment Research had forecast adjusted funds from operations of $1.32 per share.
"Our third-quarter results came in slightly better than anticipated, with revenue at the high end of our expectations and tight control on expenses," said Chief Executive Officer Sean Reilly. "In addition, we weathered three major hurricanes with minimal damage to our structures."