Cinemark Holdings Inc CNK reported third-quarter FY23 sales growth of 34.5% year-on-year to $874.80 million, beating the analyst consensus of $847.28 million.
EPS of $0.61 beat the analyst consensus of $0.42.
Admissions revenue increased 36.7% to $443.8 million, and concession revenue increased 34.0% to $339.8 million, driven by a 27.9% increase in attendance to 61.9 million patrons. Worldwide average ticket price was $7.17, and concession revenue per patron was $5.49.
As of September 30, 2023, the company's aggregate screen count was 5,765, and the company had commitments to open four new theatres and 41 screens over the next two years.
The company generated $197 million of Adjusted EBITDA in the quarter, doubling versus 3Q22 and growing 16% versus 3Q19. Cinemark generated a 22.5% Adjusted EBITDA margin.
The company exited the quarter with cash and equivalents worth $805.9 million.
"As we assess the fundamental drivers of our industry's and company's long-term health and prosperity – particularly consumer behavior trends, key indicators for new release volume recovery over time, and the significant range of incremental revenue and productivity opportunities that are fully within our control – we remain highly optimistic about the future," stated Sean Gamble, Cinemark President and CEO.
Price Action: CNK shares are trading lower by 2.02% at $16.51 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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