Cinemark stock drops after swinging to surprise loss, while revenue rises more than 150% to beat expectations

45142 cinemark stock drops after swinging to surprise loss while revenue rises more than 150 to beat expectations

Shares of Cinemark Holdings Inc. CNK, -13.44% dropped 1.8% in premarket trading Friday, after the movie theater operator swung to a surprise loss, while revenue more than doubled to beat expectations as attendance nearly tripled. The net loss was $73.4 million, or 61 cents a share, after net income of $142.4 million, or $1.19 a share, in the year-ago period. The FactSet consensus was for net earnings per share of 21 cents. Revenue grew 152.5% to $744.1 million, above the FactSet consensus of $735.4 million, as admissions revenue rose 148.8% to $381.9 million and concession revenue increased 160.5% to $286.0 million. Attendance climbed to 52.0 million from 19.1 million, while the average ticket price declined to $7.34 from $8.04 and concession revenue per guest slipped to $5.50 from $5.75. “Continued improvement in consumer sentiment, as well as a more consistent release cadence of compelling new films with broad consumer appeal and an exclusive theatrical window, yielded the highest quarterly box office since the inception of COVID-19,” said Chief Executive Sean Gamble. The stock has soared 28.2% over the past three months through Thursday, while the S&P 500 SPX, -0.16% has ticked up 0.1%.

Source: Marketwatch

Related Posts