National CineMedia Inc Reports Q2 2024 Financial Results
Intellectia.AI2024-08-08
National CineMedia, Inc. Reports Q2 2024 Financial Results
National CineMedia, Inc. has released its earnings report for the quarter ending June 27, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Wall Street Estimates |
|---|---|---|---|---|
| Total Revenue | $54.7 million | $14.8 million | +269.6% | $49.4 million |
| Earnings Per Share (EPS) | -$0.08 | $3.10 | -100% | -$0.08 |
Interpretation: National CineMedia, Inc. saw significant revenue growth of 269.6% year-over-year, driven largely by the reconsolidation of NCM LLC after it surpassed its Chapter 11 bankruptcy hurdles. Despite the robust revenue growth, the company continued to realize a loss per share in line with Wall Street estimates.
Revenue Performance by Segment
| Segment | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| National Advertising | $41.7 million | $5.0 million | +734.0% |
| Local & Regional Advertising | $9.8 million | $1.1 million | +790.9% |
| ESA Party Beverage Revenue | $3.2 million | $1.0 million | +220.0% |
| Management Fee Reimbursement | $0.0 million | $7.7 million | -100% |
Interpretation: National advertising and local & regional advertising segments saw immense growth compared to the previous year, significantly contributing to the overall revenue increase. The absence of management fee reimbursement in Q2 2024 was due to accounting changes following the reconsolidation of NCM LLC.
Comments From Company's Officers
- No specific comments from the company's officers were provided in the report.
Announced Dividends or Share Repurchase Program
- On March 18, 2024, the Board of Directors approved a stock repurchase program allowing for up to $100 million in repurchases over three years. During the quarter, 1,911,587 shares were repurchased on the open market, amounting to a $9.3 million reduction in retained earnings.
Forward Guidance
- The report did not provide specific forward guidance.
Stock Price Movement
- Following the earnings release, National CineMedia, Inc.'s stock saw a decrease of -6.71%.
This earnings summary reflects the substantial recovery and revenue growth National CineMedia, Inc. has experienced post-bankruptcy, though the company continues to grapple with achieving profitability. The significant boost across all advertising segments positions the company well for upcoming quarters, particularly following the strategic changes enforced in the past year.
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