Cinemark Posts Record Food And Beverage Sales, Outpaces Industry Recovery

Cinemark Holdings CNK reported second-quarter results on Friday. The company registered quarterly earnings per share of 63 cents, compared with the analyst consensus estimate of 79 cents. Quarterly sales of $940.5 million (up 28.1% year over year or Y/Y) missed the street view of $958.2 million.

Total adjusted EBITDA increased to $232.2 million from $142.1 million in the year-ago period, marking its highest post-pandemic quarterly adjusted EBITDA. The adjusted EBITDA margin in the quarter under review was 24.7%.

Admissions revenue grew 27.7% Y/Y to $467.1 million. Concession revenue rose 29.0% to $377.7 million. Attendance increased 15.8% to 57.9 million patrons. Net income of $93.5 million compared to $45.8 million Y/Y.

Also Read: Box Office Momentum Pushes Cinemark Past Forecasts, Says Analyst

The company exited the quarter with cash and equivalents worth $931.6 million.

Cinemark said it delivered domestic box office results that surpassed North American industry recovery by 160 basis points year-over-year; likewise, the international admissions also outpaced comparable industry benchmarks.

Cinemark CEO Sean Gamble emphasized that the second quarter highlighted the strength and resilience of theatrical exhibition, as strong summer moviegoing momentum demonstrated consumers’ continued appetite for cinematic experiences.

Cinemark leveraged a robust film slate to deliver record-breaking results, including multiple box office milestones, all-time high food and beverage per caps, its highest-ever domestic quarterly revenue, and one of the most profitable quarters in company history.

With 497 theaters and 5,647 screens spread across 14 countries, the company enjoys a distinctive global footprint, providing valuable scale, attractive diversification, and access to growth opportunities in under-penetrated markets, the company said in a press release.

Price Action: CNK shares rose 1.23% to $27.20 in Thursday’s after-hours trading session.

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