BATON ROUGE, Louisiana — Baton Rouge-based Lamar Advertising Co. racked up a double-digit increase in the third quarter, as adjusted funds from operations swelled to $122.6 million, or $1.27 per share.
A year earlier, the outdoor advertising giant reported $109.5 million, or $1.14 per share. The Advocate reports (http://bit.ly/1NgQHRV ) stock analysts surveyed by Zacks Investment Research had forecast $1.16 per share.
Lamar is a Real Estate Investment Trust. The trusts don't pay corporate income taxes on profits if at least 90 percent of profits go to shareholders.
Lamar's third-quarter revenue grew by 4.6 percent to $350.7 million.
Information from: The Advocate, http://theadvocate.com