Cinemark Q4 Earnings Tops Estimates

Cinemark Holdings Inc CNK reported fourth-quarter FY21 sales growth of 579% year-on-year, to $666.63 million, beating the consensus of $601.29 million.
Some of the company's theatres were closed for a portion of the three months ended December 31, 2020, and there was limited new film content available for the theatres that had reopened.
Admissions revenues were $344.9 million, and concession revenues were $248.1 million.
Cinemark recorded an attendance of 48.1 million patrons in the quarter, with an average ticket price of $7.17 and concession revenues per patron of $5.16.
The total cost of operations for the quarter increased 61.4% Y/Y. The operating income was $44.9 million versus $(286.9) million last year.
EPS of $0.05 beat the analyst consensus of $(0.13).
Adjusted EBITDA for the quarter was $139.4 million versus $(97.5) million last year.
Cinemark held $707.3 million in cash and equivalents as of December 31, 2021.
Price Action: CNK shares are trading higher by 5.91% at $18.80 in premarket on the last check Friday.

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