Cinemark Third-Quarter Earnings Rise, CEO Lauds "Robust Film Environment"
Mark Zoradi also highlights "our focus and execution on our strategic initiatives."
Movie theater operator Cinemark Holdings on Tuesday reported third-quarter earnings in line with Wall Street expectations.
The exhibition giant, which has a major presence in Latin America, reported quarterly earnings of $65.7 million, up 42 percent from the same quarter last year. Earnings per share rose 40 percent to 56 cents.
Revenue rose 9.8 percent to $768.6 million as admissions revenue increased 9.4 percent and concession revenue jumped 13.6 percent. Attendance increased 7.3 percent to 76.2 million, while the average ticket price came in at $6.21, up 2 percent, and concession revenue per patron hit $3.43, up 5.9 percent.
U.S. revenue rose 12.5 percent to $572.9 million, while international revenue climbed 2.6 percent to $199.5 million.
Said Cinemark CEO Mark Zoradi: "The robust film environment, coupled with our focus and execution on our strategic initiatives, enabled us to deliver a 9.8 percent increase in total revenues" and growth in other financial metrics.
He added: "We are pleased to see how our strategic investments and emphasis on enriching the guest experience favorably impacted our third-quarter results. We remain opportunistic regarding these endeavors with an eye toward driving long-term shareholder value."