Cinemark Earnings


Thanks to lower costs compared to its competitors, Cinemark was able to ride the strong early summer box office surge to a profitable second quarter, with $744.1 million in reported revenue, beating Wall Street projections of approximately $733 million.

That revenue total is up from the $460.5 million grossed in Q1 2022, with $381.9 million coming from ticket sales and $286 million coming from concessions. After reporting a net loss of $72.5 million last quarter, Cinemark was able to report a net loss of $73.4 million, which equates to diluted loss per share of 61 cents. Last quarter, Cinemark reported diluted loss per share of 62 cents.

While Imax and AMC had significant expenses related to the COVID-19 pandemic and other acquisitions, Cinemark kept its costs down to take advantage of a $2.32 billion quarter for the domestic box office, with “Top Gun: Maverick,” “Jurassic World: Dominion ” and “Doctor Strange in the Multiverse of Madness” serving as the top 3 films. “Maverick” and “Dominion” in particular boosted June box office totals to the highest that Cinemark has reported since the start of the COVID-19 pandemic.

Q3 will likely see Cinemark fall back into loss as August and September are not expected to yield a new release with an opening weekend above $30 million. But Q4 should see a holiday rebound for exhibitors with films like “Halloween Ends,” “Strange World,” “Shazam: Fury of the Gods,” and especially “Black Panther: Wakanda Forever” and “Avatar: The Way of Water” driving weekend grosses back up.

More to eat…


Reference-www.thewrap.com

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