Regal theaters triple earnings
Regal Entertainment Group , the No. 1 U.S. movie theater chain, tripled its quarterly net income and beat Wall Street earnings forecasts thanks to an asset sale, but it fell short of revenue expectations.
Excluding the $17-million sale of its stake in movie ticketing website Fandango.com, Regal’s second-quarter profit and revenue fell slightly compared with a year earlier, when the company benefited from its share of advertising revenue generated by National CineMedia.
Regal now owns an equity stake in National CineMedia, which went public this year.
Net income rose to $52.7 million, or 33 cents a share, from $16.6 million, or 11 cents, a year earlier.
Excluding the Fandango sale, Regal earned 22 cents a share, compared with 23 cents a year earlier. Revenue fell 0.2% to $683.4 million from the year-earlier quarter.
Analysts, on average, had expected adjusted earnings of 20 cents a share and revenue of $685.6 million, according to Reuters Estimates.
Knoxville, Tenn.-based Regal shares fell 17 cents to $21.34.
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