National CineMedia Shares Hit 52-Week High After 2Q Revenue Beats Estimates

Dow Jones08-07

By Chris Wack

National CineMedia shares touched a 52-week high after the cinema-advertising company reported second-quarter revenue that beat analysts' expectations.

The stock was up 21%, to $6.40, after hitting its high of $6.50 earlier in the session, and has doubled in the past 12 months.

The company said it had quarterly revenue of $54.7 million, compared with $14.8 million in the same quarter last year. Analysts polled by FactSet were looking for revenue of $49.5 million.

The company had a quarterly loss of $8.7 million, or 9 cents a share, compared with the loss of $7.8 million, or 10 cents a share, analysts were expecting.

National CineMedia said advertising revenue per attendee hit 56 cents, surpassing pre-pandemic levels in 2019.

For the third quarter, the company is expecting revenue of $56 million to $58 million, while analysts are looking for revenue of $56.7 million.

Barrington Research raised their rating for National CineMedia shares to "outperform" from "market perform," with a price target of $7.50.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

August 06, 2024 12:51 ET (16:51 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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