Cinemark stock climbs on 3Q earnings beat, boosted by a record July box office

Shares of Cinemark Holdings Inc. rallied 2.1% toward a fifth-straight gain in premarket trading Friday, after the movie-theater operator reported third-quarter earnings that were well above expectations, boosted by a jump in admissions, including a record domestic box office in July.

In a statement, Cinemark CNK, +1.63% said that its box office recovery “continued to surpass industry results.” Cinemark “remained the only major U.S. exhibitor to have achieved a meaningful increase in market share since the pandemic,” the company added. Cinemark swung to net income of $90.2 million, or 61 cents a share, from a loss of $24.5 million, or 20 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 41 cents. Revenue grew 34.5% to $874.8 million, above the FactSet consensus of $845.6 million, as admissions revenue jumped 36.7% to $443.8 million and concession revenue increased 34.0% to $339.8 million.

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Cinemark Stock Rises as Earnings Smash Expectations as Moviegoers ReturnThe 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.
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Cinemark stock rises toward 5th-straight gain after earnings beat, boosted by a record July box officeTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
Source: MarketWatch - 🏆 3. / 97 Read more »