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Lamar Advertising Co., a major owner-operator of billboards and logo signs, on Wednesday posted a decrease in second-quarter earnings, but still matched analysts’ forecasts.
In premarket trading, investors pushed down Lamar shares $4.70, or 11.9 percent, to $34.76. The shares have traded in a 52-week range of $30.70 to $62.48.
In the April-through-June quarter, Lamar earned $14.3 million, or 15 cents per share, on revenue of $323.8 million, compared with year-ago profit in the second quarter of $18.3 million, or 19 cents per share, on revenue of $315.2 million.
Analysts surveyed by Thomson Financial had forecast per-share earnings of 15 cents on revenue of $319.4 million.
Although revenue increased, costs increased by just under $17 million, Lamar said.
During the second quarter, Lamar said it spent $40.4 million to buy back about 1.1 million shares of its common stock. The company still has about $127 million of authorized spending to buy back additional shares.
For the third quarter, Lamar said it expected revenue to total about $309 million, a 5 percent decrease over the third quarter of 2007.
For the first six months of 2008, Lamar earned $12.6 million, or 14 cents per share, on revenue of $606.6 million. During the first half of 2007, Lamar earned $27 million, or 27 cents per share, on revenue of $590.4 million.
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