BATON ROUGE, La. (AP) -- Lamar Advertising Co. reported Wednesday that its third-quarter net income nearly tripled but still fell short of market expectations.
The billboard and logo sign display company, based in Baton Rouge, La., sells outdoor advertising across the United States, Canada and Puerto Rico.
Lamar reported net income of $11.4 million, or 12 cents per share, for the period versus $3.9 million, or 4 cents per share, in the third-quarter last year. Its revenue increased 3 percent to $306.3 million from $296.7 million.
Analysts polled by FactSet were expecting the company to earn 14 cents per share on $305.4 million in revenue.
Lamar said it expects revenue of $298 million to $301 million for its fourth quarter; analysts had forecast $298.2 million. The company said its acquisition of NextMedia Outdoor Inc., which closed in October, won't impact its revenue until the first quarter.
Shares increased $1.04 cents, or 2.6 percent, to $40.71 in afternoon trading as the broader markets declined.