May 3 Billboard operator Lamar Advertising Co's
quarterly loss increased as it refinanced debt through
an early repayment of some notes, and the company forecast
second-quarter revenue below analysts' expectations.
Lamar said it expects about $303 million in revenue for the
second quarter, below market estimates of $305.1 million,
according to Thomson Reuters I/B/E/S.
The company, whose top customers last year included
McDonald's Corp, Verizon Communications Inc and
Burger King Corp, said it lost about $30 million in
the first quarter by paying back some notes due in 2015.
The net loss increased to $22.8 million, or 25 cents per
share, for the quarter ended March 31 from $13.2 million, or 14
cents per share, a year earlier.
Lamar, which competes with Clear Channel Outdoor Holdings
Inc and CBS Corp-held CBS Outdoor, operates in
44 U.S. states as well as Canada and Puerto Rico.
CBS Outdoor posted a 1 percent rise in quarterly revenue on
Tuesday, helped by stronger performance in the Americas, while
revenue from Europe dropped on the non-renewal of certain
contracts and weakness in the economy.
France-based peer JCDecaux SA, the world's biggest
outdoor advertising group, resumed dividend payments in March
after a three-year break, signaling optimism about economic
Revenue rose 4.3 percent to $266.2 million.
Lamar's shares have fallen 4 percent since touching a
year-high on Feb. 22, a day after it forecast first-quarter
revenue above analysts' estimates.
The S&P 1500 Advertising Sub-Industry Index has
risen 6 percent over the same period.
Lamar shares closed at $31.80 on Wednesday on the Nasdaq.