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Cinemark Stock Rises as Earnings Smash Expectations as Moviegoers Return

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The movie-theater chain posted third-quarter earnings of 61 cents a share, while Wall Street called for 41 cents. Attendance rose 27.9% to 61.9 million.

Shares of Cinemark were gaining after the movie-theater chain turned in better-than-expected quarterly earnings and sales.

Cinemark posted third-quarter earnings of 61 cents a share, soaring past Wall Street’s call for 41 cents. In the same quarter last year, the company reported a loss of 20 cents a share. Revenue was $874.8 million, beating the consensus analysts’ forecast of $845.6 million and above the $650.4 million recorded the year prior. Attendance rose 27.9% to 61.9 million moviegoers, while the average ticket price jumped to $7.17 from $6.71 a year earlier.

“As we assess the fundamental drivers of our industry’s and company’s long-term health and prosperity—particularly consumer behavior trends, key indicators for new release volume recovery over time, and the significant range of incremental revenue and productivity opportunities that are fully within our control—we remain highly optimistic about the future,” said CEO Sean Gamble in the earnings release.Write to Emily Dattilo at emily.dattilo@dowjones.

 

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