Cinemark Holdings Inc (NYSE:CNK) reported net income above Wall Street’s expectations for the first 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 for the First Quarter
Results: Net income for Cinemark Holdings Inc rose to $42.1 million (37 cents per share) vs. $25 million (22 cents per share) in the same quarter a year earlier. This marks a rise of 68.7% from the year-earlier quarter.
Revenue: Rose 19.8% to $578.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cinemark Holdings Inc beat the mean analyst estimate of 33 cents per share. Analysts were expecting revenue of $570.9 million.
Quoting Management: “This was an impressive quarter for our industry with North American box office increasing an estimated 23.5%. Cinemark’s US assets once again outperformed the industry, generating an increase in admissions revenues of 24.8%,” stated Tim Warner, Cinemark’s Chief Executive Officer. “Box office from our international segment continued its growth streak for the quarter and has almost doubled since the first quarter of 2009.”
Revenue has risen for the last four quarters. Revenue increased 2.1% to $535.9 million in the fourth quarter of the last fiscal year. The figure rose 14.2% in the third quarter of the last fiscal year from the year earlier and climbed 15.1% in the second quarter of the last fiscal year from the year-ago quarter.
The company beat estimates last quarter after being in line with expectations in the fourth quarter of the last fiscal year with net income of 19 cents per share.
The increase in profit last quarter comes after net income fell in the previous quarter. In the fourth quarter of the last fiscal year, net income declined 52% to $18.3 million.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the second quarter is 47 cents per share, down from 48 cents ninety days ago. The average estimate for the fiscal year has seen a bump from $1.51 per share sixty days ago to $1.62.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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