Cinemark Hits All-Time Revenue High In Q2 On ‘Avengers: Endgame’ Receipts

Cinemark
Cinemark

Major exhibition circuit Cinemark hit an all-time revenue high in the second quarter and blew past Wall Street estimates for earnings thanks to strong box office for titles like Avengers: Endgame.

Revenue in the quarter ending June 30 rose nearly 8% to $957.8 million from $889 million in the prior-year period. Concession revenue powered the growth, increasing 13% to $345.3 million, while admissions revenue inched up 2% to $521.1 million.

Earnings per share came in at 86 cents on a diluted basis, comfortably ahead of Wall Street analysts’ consensus forecast for 78 cents.

Cinemark’s Movie Club subscription program now has 800,000 members and contributes about 14% of overall box office revenue.

In addition to Endgame, the quarter featured the release of Toy Story 4 and Aladdin. Overall U.S. receipts gained ground in the quarter compared with 2018 but continue to lag by about 7% in 2019 to date

“We are extremely pleased with our worldwide second quarter results that were generated by our domestic box office, which surpassed the North American industry in excess of 300 basis points, a significant rebound in international attendance and continued strength in our global food and beverage sales,” CEO Mark Zoradi said. “As we look forward, we will continue to execute our strategic initiatives to ensure we are well-positioned to capitalize on the strength of film content and the investments we have made to enhance the overall guest experience.”

As of June 30, the company had 6,086 total screens. It has commitments to open eight new theaters and 73 screens during the remainder of 2019 and 17 new theaters and 162 screens beyond this year.

This article was printed from https://deadline.com/2019/08/cinemark-hits-all-time-revenue-high-in-q2-on-avengers-endgame-receipts-1202659548/