UPDATE: Cinemark Posts Upbeat Q1 Profit
Cinemark Holdings Inc (NYSE: CNK) reported a 69% surge in its first-quarter earnings.
Cinemark's quarterly profit climbed to $42.1 million, or $0.37 per share, from $25 million, or $0.22 per share, in the year-ago period. Its revenue surged 20% to $578.8 million. However, analysts were expecting earnings of $0.34 per share on revenue of $572 million.
Cinemark's operating margin rose to 15.5% from 10.1%. Its admissions revenue climbed 20% to $373.8 million. Attendance gained 14% y/y, while the average ticket price surged 5%.
Cinemark shares closed at $23.09 on Friday.
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