• Lamar revenues up 9% in 3Q 2019

    Lamar revenues and cashflow grew by 9% and 12%, respectively, during the third quarter of 2019.  Here are the results from the third quarter 2019 earnings release.

    • Revenue increased 9.4% to $458 million for the third quarter of 2019.  Organic revenue adjusted for acquisitions increased 3.4%.  Local revenue was up 3%.  National and programmatic revenue was up 7%.
    • Expenses increased 7% to $242 million.
    • Cashflow increased 11.8% to $215 million for the third quarter of 2019.

    Insider’s take:  Lamar is not growing as fast as Outfront because the business is skewed to slower growing local revenues.  Cashflow, however is growing faster because Lamar’s expenses are growing slower than revenues as it adds revenues but no expenses associated with tuck-in acquisitions.  Lamar finished the day up 2.7% to $82.39 on a day when the S&P 500 was down o.12%, OUTFRONT was down 5.2% and Clear Channel Outdoor was down 4.7%.

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