BATON ROUGE, La. (AP) -- Shares of Lamar Advertising Co. climbed more than 9 percent on Thursday after the billboard and outdoor advertising company reported a higher net income for the second quarter.
The stock ended regular trading up $2.91 at $34.41 after hitting a 52-week high of $35.99 earlier in the session.
Lamar said net income after paying preferred dividends rose to $13.8 million, or 15 cents per share, for the three months ended June 30. That compares with net income of $11.3 million, or 12 cents per share, in the same quarter last year.
Revenue grew nearly 4 percent to $304.9 million from $293.3 million a year earlier.
The latest results were in line with analysts' consensus forecast, which called for earnings of 15 cents per share on $304.1 million in revenue, according to FactSet.
The company said it expects revenue in the third quarter will range from $303 million to $306 million. That's less than the $307.4 million analysts are expecting.
Lamar said it is considering making a bid to convert into a real estate investment trust. If it follows through, the company expects it would seek to begin as a REIT no earlier than Jan. 1, 2014.
Real estate investment trusts must pay out annually at least 90 percent of their taxable income to shareholders in the form of dividends.
Lamar operates billboards and other outdoor advertising in 44 states, Canada and Puerto Rico, as well as a logo business in 22 states and Canada. It also has 60 transit advertising franchises in the U.S., Canada and Puerto Rico that place ads on buses and bus shelters.
