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Cinemark Holdings Inc (NYSE:CNK) reported a fiscal second-quarter 2024 sales decline of 22.1% year-on-year to $734.2 million, beating the analyst consensus estimate of $691.6 million. EPS of $0.32 beat the analyst consensus estimate of $0.09.
Admissions revenue decreased 23.5% to $365.8 million, and concession revenue declined 21.6% to $292.9 million, driven by a 22.4% decrease in attendance to 50.0 million patrons.
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The worldwide average ticket price was $7.32, and concession revenue per patron was $5.86.
As of June 30, 2024, the company’s aggregate screen count was 5,708, and the company had commitments to open three new theatres and 33 screens over the next two years.
The company generated $142.1 million of adjusted EBITDA in the quarter versus $231.5 million a year ago.
Cinemark held $788.8 million in cash and equivalents as of June 30, 2024.
“Numerous films across varied genres delivered solid results, including June’s record-breaking release of Inside Out 2 – now the biggest animated title of all time – which drove cumulative Q2 box office performance beyond our expectations despite headwinds caused by last year’s strikes in Hollywood,” stated Sean Gamble, Cinemark President and CEO.
Cinemark Holdings stock gained over 33% in the last 12 months.
Price Action: CNK shares are trading higher by 7.80% at $24.89 premarket at the last check Friday.
Photo via Shutterstock
Posted In: CNK
