Cinemark Holdings Inc (NYSE:CNK) reported net income above Wall Street’s expectations for the second quarter. Cinemark Holdings is a holding company, together with its subsidiaries, is engaged in the motion picture exhibition industry with theatres in the U.S., Canada, Mexico, Argentina, Brazil, Chile, Ecuador, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, and Colombia.
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Cinemark Holdings Inc Earnings Cheat Sheet
Results: Net income for Cinemark Holdings Inc rose to $51.6 million (45 cents per share) vs. $40.4 million (35 cents per share) in the same quarter a year earlier. This marks a rise of 27.7% from the year-earlier quarter.
Revenue: Rose 4.7% to $649.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cinemark Holdings Inc beat the mean analyst estimate of 38 cents per share. It beat the average revenue estimate of $570.9 million.
Revenue has risen for the last four quarters. Revenue increased 19.8% to $578.8 million in the first quarter. The figure rose 2.1% in the fourth quarter of the last fiscal year from the year earlier and climbed 14.2% in the third quarter of the last fiscal year from the year-ago quarter.
The company has now beaten estimates the last two quarters. In the first quarter, it topped expectations with net income of 37 cents versus a mean estimate of net income of 34 cents per share.
The company has now seen net income rise for two consecutive quarters. In the first quarter, net income rose 68.7% from the year earlier.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the third quarter has moved down from 51 cents a share to 46 cents over the last ninety days. For the fiscal year, the average estimate has moved down from $1.64 a share to $1.53 over the last sixty days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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