Cinemark Q3 Earnings Miss Estimates

Cinemark Holdings Inc CNK reported third-quarter FY21 revenues of $434.8 million, missing the analyst consensus of $442.52 million. The company reported $35.5 million in revenue for Q3 last year, as theatres were closed for most of the period.
Admissions revenues were $225.5 million, and concession revenues were $164.2 million.
Cinemark recorded an attendance of 30.7 million patrons in the quarter, with an average ticket price of $7.35 and concession revenues per patron of $5.35.
The total cost of operations for the quarter increased 93.8% Y/Y. The operating loss narrowed to $(42.5) million. Adjusted EBITDA was $44.3 million, versus $(128) million last year.
Loss per share of $(0.65) missed the analyst consensus of $(0.57).
Cinemark held $543 million in cash and equivalents as of September 30, 2021.
"We expect a continued ramp-up in box office performance over the course of the coming months, and October already delivered the best monthly box office results since the onset of COVID-19," said Mark Zoradi, Cinemark's CEO.
Price Action: CNK shares traded higher by 2.35% at $20.91 on the last check Friday.

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