Lamar Advertising Company's (NASDAQ: LAMR) stock plummeted 6.71% in pre-market trading on Thursday following the release of its fourth-quarter and full-year 2024 results.
The outdoor advertising company reported mixed results for the quarter, with revenue of $579.6 million, slightly missing analyst estimates of $583.2 million. However, the company's adjusted funds from operations (AFFO) of $2.21 per share matched expectations.
The primary driver behind Lamar's stock plunge was a significant revision in the estimated asset retirement obligation, which resulted in an additional $159.7 million recorded to depreciation and amortization expense. This led to a net loss of $1.0 million for the quarter, compared to a net income of $149.3 million in the same period last year.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.