Cinemark Clocks Positive Operating Income In Q3 As Recovery Kicks In; Registers 50% Revenue Growth

  • Cinemark Holdings Inc CNK reported third-quarter FY22 sales growth of 50% year-on-year, to $650.4 million, beating the consensus of $616.9 million.
  • Admissions revenue was $324.6 million, up from $225.5 million a year ago. Concession revenue was $253.6 million, up from $164.2 million a year ago.
  • Cinemark recorded an attendance of 48.4 million patrons in the quarter, with an average ticket price of $6.71 and concession revenues per patron of $5.24.
  • Cinemark reported an operating income of $18.8 million versus a loss of $(42.5) million a year ago.
  • EPS loss of $(0.20) missed the consensus loss of $(0.14).
  • Adjusted EBITDA for the quarter was $99.5 million versus $44.3 million last year.
  • Cinemark held $631.9 million in cash and equivalents.
  • Sean Gamble, Cinemark's President & CEO said, "Consumer behavior over the past year validates that moviegoing enthusiasm remains strong and vibrant across all categories of films and audiences. Quarter after quarter, genre by genre, we've seen long-standing records broken and films performing at levels comparable to, or better than, pre-pandemic expectations."
  • "While August and September were challenged by a dip in content availability, we are pleased by year-over-year improvements in product flow throughout 2022, which have driven a 130% increase in North American box office year-to-date."
  • Price Action: CNK shares are trading higher by 7.63% at $11.42 on the last check Friday.
  • Photo Via Wikimedia Commons
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