06:38 AM EDT, 03/19/2024 (MT Newswires) -- (Updates with the stock move in the headline and first paragraph, and other minor edits)

National CineMedia's ( NCMI ) shares surged 22% in recent premarket activity Tuesday after the cinema advertising company's fiscal Q4 earnings and revenue beat market expectations and it unveiled a share buyback program of up to $100 million.

The company reported fiscal Q4 net income late Monday of $0.24 per diluted share, down from $0.60 a year earlier.

Three analysts polled by Capital IQ expected $0.11.

Revenue for the quarter ended Dec. 28 was $90.9 million, down from $91.7 million a year earlier.

Four analysts surveyed by Capital IQ expected $81.1 million.

The company said it expects fiscal Q1 revenue in the range of $34.5 million to $35.5 million. Four analysts polled by Capital IQ expect $32.5 million.

National CineMedia's ( NCMI ) board approved a share repurchase of up to $100 million through April 1, 2027, the company said separately.

Price: 5.15, Change: +0.93, Percent Change: +22.04