Regal Beats 3Q Estimates With Record Attendance And Cost Cuts

The exhibition company’s per-share earnings of 16 cents narrowly beat the 15 cents that analysts expected. But the 3Q revenues of $743.6M, up 6.8% from the period last year, were well ahead of the $729.2M forecast. Net income came in at $25M, down from $42.6M last year — but that included a $31.4M one-time gain from the sale of stock in National CineMedia. “We are pleased that industry attendance growth combined with our continued focus on cost control allowed us to achieve significant growth in both adjusted EBITDA and adjusted EBITDA margin for the second consecutive quarter,” CEO Amy Miles said. She added that the company is “encouraged by the record summer box office and remain(s) optimistic regarding the upcoming holiday film slate.” In addition to the earnings news, Regal declared a cash dividend of 21 cents a share that it will pay on December 16 to stockholders of record on December 7. Regal says that it “intends to pay a regular quarterly dividend for the foreseeable future.”

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