Regal Entertainment Revenue Down in Third Quarter
The movie exhibitor missed analyst expectations as CEO Amy Miles looks forward to the holiday season.
Regal Entertainment Group reported $692.9 million in revenue for the third quarter, down from $743.6 million for the same quarter the previous year and below analyst expectations.
The movie exhibition giant also announced net income of $23.9 million last quarter compared to $25 million the previous year. The report of $0.15 diluted earnings per share was also a disappointing report, according to analysts' consensus projections.
In a statement alongside the report of financials for the quarter that ended September 27, Regal emphasized the longer view. The company said the adjusted EBITDA was its highest ever total for the first nine months of the year and pointed to the next few months.
“Industry box office results for the first few weeks of the fourth quarter have been very strong and we are optimistic regarding the box office prospects for the upcoming holiday season," said Amy Miles, CEO of Regal Entertainment Group.
In after-hours trading, Regal's stock price was down slightly.