Cinemark Holdings Inc. (NYSE:CNK) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Cinemark Holdings Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 60% to $0.18 in the quarter versus EPS of $0.45 in the year-earlier quarter.
Revenue: Rose 11.7% to $725.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cinemark Holdings Inc. reported adjusted EPS income of $0.18 per share. By that measure, the company missed the mean analyst estimate of $0.51. It beat the average revenue estimate of $710.81 million.
Quoting Management: “Although news headlines may lead you to believe that movies are not performing well, the real story is in the numbers this quarter. The diversity and breadth of the second quarter’s film product resulted in an all-time North American industry box office record of over $3 billion dollars, an increase of nearly 8% from the year ago period,” stated Tim Warner, Cinemark’s Chief Executive Officer. “With more than 500 theatres and nearly 5,800 screens, we achieved record worldwide admissions revenues of $464.5 million, an increase of 11.1%, and over-indexed the North American industry by approximately 320 basis points. The diversity of our global circuit has allowed us to outperform the North American industry in 16 out of the past 17 consecutive quarters on a currency adjusted basis.”
Key Stats (on next page)…