Cinemark Scores A Win In Q1 Backed By Industry Rebound; Topline Grows On Robust Box Office Performance

Cinemark Holdings Inc CNK reported first-quarter FY23 sales growth of 32.6% year-on-year, to $610.7 million, beating the consensus of $566.4 million.

• Admissions revenue was $311 million, up 31.9% Y/Y, and Concession revenue was $235.8 million, up 36.3% Y/Y.
• Cinemark recorded an attendance of 42.9 million patrons in the quarter, up by 29.6% Y/Y, with an average ticket price of $7.25 and concession revenues per patron of $5.50.
• Cinemark reported an operating income of $28.5 million versus a loss of $(33.0) million a year ago.
• EPS loss of $(0.03) beat the consensus loss of $(0.30).
• Adjusted EBITDA for the quarter was $86.2 million versus $25.2 million last year.
• Cinemark held $650.1 million in cash and equivalents.
• "We remain highly encouraged about our industry's ongoing recovery based on positive, sustained momentum in movie-going trends, an accelerating improvement in film volume, and better than expected box office performance year-to-date," said President & CEO Sean Gamble.

Price Action: CNK shares are trading higher by 2.97% at $17.00 premarket on the last check Friday.

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