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.

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CNK Price Action: At the time of writing, Cinemark shares were down 1.9% at $29.90, according to data from Benzinga Pro.

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