Cinemark Holdings (NYSE:CNK), Inc shares rose 3% to $17.80 in early Friday trading as the cinema operator saw its second-quarter revenue rise 27% year over year to $942.3 million, as 24% more moviegoers paid to see films at its theaters.
The company also swung to a 2Q profit of $119.1 million, or $0.80 a share, from a loss of $73.4 million, or $0.61 a share, during the same period last year.
Analysts polled by FactSet expected earnings per share (EPS) of $0.54 on revenue of $870 million.
“The strength of the second quarter’s film lineup, supplemented with the ongoing benefits we are achieving from our strategic initiatives, translated into exceptional second quarter results across our entire global footprint,” Cinemark Holdings (NYSE:CNK) CEO Sean Gamble said in a statement.
Cinemark also generated $232 million of adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter, the second-highest quarterly adjusted EBITDA in the company's history.
As well, Cinemark realized $215 million of free cash flow during the period, adding $108 million in cash to its balance sheet to end the quarter with $758 million in the bank as of June 30, 2023.
Shares of Cinemark have soared more than 110% year to date.
Contact Sean at sean@proactiveinvestors.com