In section Market Quotes
National CineMedia reported a third-quarter loss of $17.2 million as revenue fell short of expectations, and said Chief Executive Tom Lesinski plans to retire at the end of the year. The cinema advertising company also forecast fourth-quarter revenue above Wall Street’s estimate.
The company lost 18 cents a share, compared with a profit of $1.6 million, or 2 cents a share, a year earlier. Analysts had expected earnings of 1 cent a share.
Revenue fell 3.2% to $61.4 million, while analysts polled by FactSet had expected it to rise to $72.2 million. Shares declined 4% to $1.55 in after-hours trading Tuesday. Through Tuesday’s close, they had lost 58% of their value this year.
For the fourth quarter, National CineMedia expects revenue of $117 million to $124 million, above Wall Street’s $104 million estimate. The company has retained Korn Ferry to help find Lesinski’s successor.
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