WASHINGTON (dpa-AFX) - While reporting weak first-quarter results, Lamar Advertising Co. (LAMR) said it is raising fiscal 2021 outlook to reflect the expected continued recovery from the COVID-19 pandemic during 2021.
For the year, the company now expects net income per share between $2.96 and $3.12, with Adjusted Funds From Operations or AFFO per share between $5.40 and $5.60.
The company previously expected net income per share in the range of $2.76-$3.02 and AFFO per share between $5.20 and $5.50.
In fiscal 2020, net income per share was $2.41 and AFFO was $5.10 per share.
On average, four analysts polled by Thomson Reuters expect earnings of $3.02 per share for the year. Analysts' estimates typically exclude special items.
For the year, the company projects Funds From Operations or FFO between $531.85 million and $548.35 million, AFFO between $550 million and $571 million, and net income between $301.15 million and $317.65 million.
Lamar chief executive Sean Reilly said, 'The advertising rebound is well underway. Both local and national sales activity have accelerated, with digital showing particular strength. In fact, bookings in March and April for the rest of 2021 handily exceeded bookings in the same months of 2019 for the rest of that year.'
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