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National CineMedia, Inc. (NASDAQ:NCMI) posted upbeat results for its fourth quarter and disclosed a new $100 million share repurchase program.
Operating revenue stood at $90.9 million, beating the consensus of $81.1 million. EPS of 24 cents beat the consensus of 9 cents, according to data from Benzinga Pro.
For the first quarter of 2024, NCM expects revenue of $34.5 million-$35.5 million (vs. consensus of $32.47 million) and adjusted OIBDA loss in the range of $(7.5) million to $(6.5) million.
“In 2023, NCM successfully re-established the importance of cinema for best-in-class advertisers, with movies driving the cultural conversation and the box office reaching its highest point since 2019,” Tom Lesinski, CEO of NCM said. “We are very encouraged by our strong fourth quarter performance, which led to a 43% increase in active national advertisers and record revenue per attendee. This resulted in strong adjusted OIBDA, significantly exceeding our fourth quarter guide.”
The company’s Board of Directors approved a new share repurchase program authorizing the purchase of up to $100 million through April 1, 2027.
NCM shares gained 24.5% to trade at $5.26 on Tuesday.
These analysts made changes to their price targets on National CineMedia following earnings announcement.
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Posted In: NCMI
