Lamar Advertising Company has been in a digital billboard buying frenzy this past year in an effort to keep up with its competitors, CBS Outdoor and Clear Channel Outdoor Holdings Inc. Lamar’s strong quarterly sales suggest the digital boards are starting to pay off.
Shares of the company increased 21 percent to $25.49 just this past month. Their speedy digital expansion seems to be making investors happy, according to Evercore Partners analyst Douglas Arthur. Lamar’s revenue for the third quarter was $296.7 million, above the $292.3 million predicted by most analysts.
Clear Channel Outdoor Holdings Inc. stated Monday that even in the midst of Europe’s debt crisis, outdoor advertising is proving surprisingly resilient; however, many companies have yet to commit to ad budgets for the upcoming year. Continue reading »