Lamar Advertising Co., a Baton Rouge-based national outdoor advertising power, reported a double-digit increase in its second-quarter results, as adjusted funds from operations grew to $118 million, or $1.22 per share.
A year earlier, AFFO was $102.9 million, or $1.08 per share.
Lamar recently converted to a Real Estate Investment Trust. The trusts don’t pay corporate income taxes on profits if at least 90 percent of profits go to shareholders. They also use different performance measures.
AFFO is a measure that helps predict a trust’s ability to pay dividends.
Lamar’s results bettered Wall Street’s expectations.
Stock analysts surveyed by Zacks Investment Research had forecast $1.12 per share.
Lamar Chief Executive Officer Sean Reilly described the second-quarter results as solid, led by a 4.3 percent increase in local revenue on billboards.