Lamar revenues declined 22% during the second quarter 2020.  Revenues have improved but the company projects revenues will be down 13-14% for the full year 2020.  Here are the results from Lamar’s 2Q 2020 earnings release.

• Revenues declined 22% to $347 during the second quarter of 2020.  CEO Sean Reilly said this about the rest of the year: “..although the second surge of COVID-19 cases has taken a little wind out of our sales we remain cautiously optimistic about the revenue outlook for the balance of 2020.”
• Operating expenses declined by 10% to $218 million in the second quarter of 2020. Reilly talked about cuts: “We had targeted $50 million in expense savings off our 2019 proforma expense base of $980 million.  It looks today like we will achieve at least $60 million in expense savings off of that base.”  Direct expenses were down 8%.  General and administrative expense was down 14%.  Corporate overhead was down 10%.
• Cashflow (adjusted EBIDTA) declined 36% to $133 million.
• At June 30, 2020 Lamar had $1.1 billion in total liquidity consisting of $904 million in availability under credit facilities and $177 million in cash
• The company had a 4.15 times Debt/EBIDTA versus a covenant of 7 times.

Lamar stock was up 0.5% for the day.  The S&P 500 was up 0.6%  Outfront up 1.8%.  Clear Channel Outdoor up 3.8%.

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