Cinemark Handily Beats Q3 Earnings Estimates With All-Time High Attendance

Interesting to see how much growth took place at the exhibition chain’s U.S. venues as opposed to Latin America, which is supposed to be its most attractive opportunity. Overall, Cinemark generated net income in Q3 of $80.7M, +68.9% vs the period last year, on revenues of $757.6, +19.6%. Analysts anticipated lower revenue, about $733.2M. And earnings at 69 cents a share soared past forecasts for 55 cents. Much of that is due to what Cinemark says was its all-time high attendance: +16.4% to 81.0M globally, with domestic +23% to 50.6M and international +6.8% to 30.4M. Admission revenues were +19.2% to $479.6M helped by a 3.7% increase in the average outlay for a domestic ticket, to $6.68 — although the average price dropped 3.1% at international venues to $4.66. Concession revenues were +21.1% to $242.3M with the average domestic patron spending $3.38 (+2.7%) and international spending $2.34 (+3.5%). CEO Tim Warner credits North America’s “robust box office in the third quarter with an increase of 6.4%, fueled by a record summer box office.” The company’s worldwide operations “have now outperformed the North American industry in 17 of the past 18 consecutive quarters on a currency adjusted basis.”

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