Cinemark Records Solid Q2 Performance Helped Strength Of Film Lineup

Cinemark Holdings Inc CNK reported second-quarter FY23 sales growth of 26.6% year-on-year to $942.30 million, beating the analyst consensus of $880.32 million.

Admissions revenues rose 25.3% to $478.4 million, and concession revenues gained 30.6% to $373.4 million.

Cinemark recorded an attendance of 64.4 million patrons in the quarter, with an average ticket price of $7.43 and concession revenues per patron of $5.80.

The total cost of operations for the quarter increased 1.5% Y/Y. The operating income was $168.4 million versus $(18.6) million last year.

EPS of $0.80 beat the analyst consensus of $0.54.

Adjusted EBITDA for the quarter was $232 million versus $138.3 million last year, and the adjusted EBITDA margin was 24.6%.

Cinemark held $758 million in cash and equivalents as of June 30, 2023.

"The strength of the second quarter's film lineup, supplemented with the ongoing benefits we are achieving from our strategic initiatives, translated into exceptional second quarter results across our entire global footprint," stated Sean Gamble, Cinemark President and CEO.

Price Action: CNK shares are trading higher by 3.81% at $17.98 on the last check Friday.