Shares of Cinemark Holdings Inc. (CNK) continued their upward trend, rallying 2.4% in premarket trading on Friday. The movie theater operator exceeded expectations with their third-quarter earnings, driven by a notable increase in admissions, including a record domestic box office performance in July.
Impressive Financial Results
During the third quarter, Cinemark swung to a net income of $90.2 million, or 61 cents per share, from a loss of $24.5 million, or 20 cents per share, in the same period last year. This outperformed the FactSet consensus for earnings per share, which projected 41 cents. Moreover, revenue witnessed significant growth of 34.5%, reaching $874.8 million, surpassing the FactSet consensus of $845.6 million.
Boosted by Admissions and Concession Revenue
The rise in revenue was driven primarily by a remarkable increase in admissions revenue, which surged by 36.7% to $443.8 million. Additionally, concession revenue experienced a solid boost of 34.0% to $339.8 million.
Strong Performance Indicators
During the quarter, Cinemark welcomed 27.9% more guests, with admission numbers reaching 61.9 million. Furthermore, the average ticket price also saw an impressive uptick of 6.9% to $7.17.
Future Prospects
While Cinemark’s stock has experienced a slight decline of 2.7% over the past three months through Thursday, it enjoyed an upward trajectory of 8.6% in the past four sessions. Comparatively, the S&P 500 has encountered a decline of 4.1%.
Stay tuned for more updates on Cinemark Holdings Inc.’s impressive performance and future endeavors!
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