Regal Entertainment Tops Financial Expectations in Third Quarter
"2016 will be another successful box office year," Regal CEO Amy Miles predicted Thursday.
Regal Entertainment Group on Thursday reported third-quarter results that bested the expectations of Wall Street on year-to-date box-office results that are above where they were a year ago.
Analysts expected the chain of movie theaters to earn about 26 cents per share on revenue of $804.9 million, though it posted 27 cents per share on an adjusted basis on $811.5 million in revenue.
In the same quarter a year ago, Regal reported $725 million in revenue.
Regal said $525.3 million of its revenue came via admissions, $239.9 million was from concessions and $46.3 million came from "other operating revenues."
The company also declared a cash dividend of 22 cents per share payable on Dec. 15 to shareholders of record on Dec. 5.
Regal operates 7,310 screens in 565 theaters in the U.S. Regal CEO Amy Miles said Thursday that the 847 screens that had been updated to reclining seating prior to the start of the third quarter significantly outperformed those that had not.
The exec said 30 percent of Regal's screens should include luxury, reclining seating by the end of 2017, and the company is considering up to an additional 15 percent by the end of 2019.
"2016 will be another successful box office year," Miles predicted Thursday.
Shares of Regal fell 2 percent on Thursday to $22.44 and did not trade after the closing bell when its quarterly earnings were released.