Shares of National CineMedia (NCMI) tumbled 5.17% in after-hours trading on Tuesday following the release of the company's underwhelming first-quarter financial results. The cinema advertising company reported significant misses on both earnings per share (EPS) and revenue, disappointing investors and analysts alike.
National CineMedia posted a quarterly loss of $0.24 per share on an adjusted basis, falling far short of the analyst consensus estimate of a $0.03 loss. This represents a staggering 700% miss and a 26.32% increase in losses compared to the same period last year when the company reported a loss of $0.19 per share. On a GAAP basis, the company reported an even wider loss of $0.32 per share for the quarter.
Revenue for the first quarter also failed to meet expectations, coming in at $34.90 million. This figure missed the analyst consensus estimate of $63.95 million by 45.43% and represented a 6.68% decrease from the $37.40 million reported in the same quarter of the previous year. The company's outlook for the second quarter, projecting revenue between $56 million and $61 million, did little to assuage investor concerns about the company's near-term performance.
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