Lamar Advertising (LAMR) reported Q4 adjusted funds from operations Thursday of $2.21 per diluted share, up from $2.10 a year earlier.

Two analysts polled by FactSet expected $2.17.

Net revenue for the quarter ended Dec. 31 was $579.6 million, up from $555.9 million a year earlier.

Four analysts surveyed by FactSet expected $583.1 million.

For 2025, the company expects diluted AFFO of $8.13 and $8.28. Three analysts polled by FactSet expect $8.52.

Shares of the company were down more than 5% in recent premarket activity.