Cinemark’s Earnings Fall Short Of Expectations, Despite Lift From ‘Black Panther’

Cinemark
Cinemark

Cinema giant Cinemark Holdings posted lower first-quarter earnings, despite strong ticket sales forĀ Black Panther.

The company reported per-share earnings of 53 cents, falling short of analysts’ consensus estimates of 60 cents a share. Revenues for the first three months came in at $780 million, virtually the same as last year but surpassing analysts’ forecasts of $761.7 million.

“Fueled by the unprecedented success of Black Panther, the North American industry box office results in the first quarter far surpassed expectations, demonstrating the powerful potential of a break-out film,” Cinemark CEO Mark Zoradi said in a statement.

The King of Wakanda wasn’t strong enough to lift ticket sales for the chain, which fell about 5% to $452 million. Concession sales fell to $261 million in the quarter, down 2% compared to the same time last year.

A newly introduced loyalty program, Movie Club, is helping bring in additional revenue.

Cinemark operates 533 theaters with 5,964 screens in the U.S., Brazil, Argentina and 13 other Latin American countries.

This article was printed from https://deadline.com/2018/05/cinemarks-earnings-fall-short-expectations-despite-lift-black-panther-1202386108/