Regal Entertainment Posts Mixed Quarterly Earnings

Regal Entertainment Group on Wednesday said a strong box office led to rising first-quarter revenue and profit for the movie-exhibition company.

Regal said revenue rose to $821.2 million from $787.1 million a year earlier, while net income was up to $48.4 million from $40.7 million.

Earnings per share rose to 32 cents from 27 cents on an adjusted basis, and earnings before interest, taxes, depreciation and amortization was $187 million, the highest quarterly total in the company’s history.

Regal also declared a cash dividend of 22 cents per share payable on June 15.

The company missed analysts’ expectations on the bottom line but exceeded them on the top line. The stock was up 1 percent to $22.63 on Wednesday, but fell 1 percent after the closing bell.

“With the outstanding first-quarter box office results behind us and a much-anticipated film slate set for the remainder of the year, we remain optimistic regarding the potential for box office success throughout 2017,” said Regal CEO Amy Miles.

Regal ended the quarter with 7,262 screens in 559 theaters in the U.S., including in Guam, Saipan and American Samoa.

The exhibitor said its admissions revenue in the first quarter was $533.2 million, up from $515.7 million, while concessions revenue was $239.5 million, up from $230.1 million.