Lamar Sees Lowered Second Quarter Revenue Estimate And Stock Drops As A Result.

Lamar Advertising Company,one of the three largest outdoor operators in the U.S.,has made a second quarter revenue forecast of $282 million,as compared with analysts’ estimates of $284.4 million. As a result,shares of Lamar fell almost 11% in afternoon trading following the announcement.

Lazard Capital Markets analyst Barton Crockett said that revenue recovery was coming slower than expected. "Ad markets are rebounding strongly on other local media,and outdoor advertising is seen as a few-quarter laggard" he said.

Lamar said that pricing has firmed up in the smaller and middle markets,but not so in the larger markets. "Slow and steady is where we think we are headed for the rest of the year" said Lamar CEO Kevin Reilly. Lamar’s first quarter net loss also widened to $24.8 million from $21.7 million a year earlier.