Regal Entertainment Group’s second quarter earnings report may not be as robust as the first quarter.
So says the Wall Street Cheat Sheet.
The financial media company says domestic second quarter movie ticket sales didn’t live up to expectations and it is lowering revenue estimates for Knoxville-based Regal and other movie exhibitors.
Regal is now expected to report revenue of $729 million for the quarter, down from earlier projections of $762 million.
The Cheat Sheet cut its projected second quarter earnings per share for Regal to 20 cents from 31 cents.
Cheat Sheet also lowered revenue estimates for theater operators Cinemark and Carmike.
The bummer second quarter projections are in stark contrast to Regal’s strong first quarter earnings. A string of solid first quarter films, including the post-apocalyptic action movie “The Hunger Games,” propelled Regal to its best quarter in years.
Regal reported a first quarter profit of $46.3 million, or 30 cents per diluted share, easily beating the 15 cents per diluted share analysts expected.
Today, Regal shares were down about 1.8 percent $13.78 in early afternoon trading.
Click the link below for the Cheat Sheet report.
Photo: Regal’s Pinnacle 18 theater in Turkey Creek. (News Sentinel archives)