Cinemark Holdings Inc. (NASDAQ:CNK) shares are moving lower on Thursday. The company reported earnings for the third quarter of 2024 before the market opened.
What To Know: Cinemark reported earnings per share of $1.19, beating analyst estimates of 58 cents. The company reported sales of $921.8 million, representing 5% year-over-growth and beating analyst estimates of $882.54 million, according to Benzinga Pro.
By segment, the company saw $460.4 million in admissions revenue and $367.3 million in concession revenue. Cinemark also reported a global average ticket price of $7.62 and concession revenue per customer of $6.08.
Adjusted EBITDA was $221 million in the quarter with a 23.9% adjusted EBITDA margin. The company also reported $107 million in cash from operating activities and $64 million of free cash flow.
“Strong, sustained consumer enthusiasm for shared, larger-than-life, theatrical experiences was once again on full display in the third quarter as film results far outpaced expectations, delivering the highest quarterly box office since the pandemic, which climbed to within 4% of 3Q19,” stated Sean Gamble, Cinemark’s president and CEO.
Cinemark highlighted that it refinanced unsecured notes due in 2026, issuing $500 million in unsecured notes with 7% interest due in 2032 during the quarter. Additionally, the company repaid $6 million of COVID-related debt in Latin America.
Related Link: Elon Musk Slams Zoox Co-Founder Over FSD Criticism: Your Company ‘Would Be Dead Already’ If Not For Amazon
CNK Price Action: At the time of writing, Cinemark shares were down 1.9% at $29.90, according to data from Benzinga Pro.
Image: Photo via Shutterstock
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.