Cinemark Stock Gains As Q2 Revenue Tops Consensus On Theatre Reopening

Cinemark Holdings Inc CNK reported second-quarter FY21 total revenues of $294.7 million, beating the analyst consensus of $262.75 million. It reported $9.0 million revenue last year, as theatres were closed for most of the period.
Admissions revenues were $153.5 million, and concession revenues were $109.8 million.
Cinemark recorded an attendance of 19.1 million patrons in the quarter, with an average ticket price of $8.04 and concession revenues per patron of $5.75.
The total cost of operations for the quarter increased 70.3% Y/Y. The operating loss narrowed to $(85.5) million. Adjusted EBITDA was $(11.8) million, versus $(117.6) million last year.
Loss per share of $(1.19) missed the analyst consensus of $(1.07).
Cinemark held $595.9 million in cash and equivalents as of June 30, 2021.
"I'm pleased to report that the second quarter recovery of our industry and business progressed at a faster rate than we expected with the North American industry box office more than tripling first-quarter results," said CEO Mark Zoradi.
As of June 30, 2021, Cinemark had reopened all 323 of its domestic theatres and 152 of its 198 international theatres.
Price action: CNK shares are trading higher by 2.80% at $15.77 in premarket on the last check Friday.