Cinemark (CNK) Beats Earnings And Revenue Estimates In Q1
Zacks Investment Research | May 02, 2017 11:00PM ET
Cinemark Holdings Inc. (NYSE:CNK) reported strong financial results for the first quarter of 2017. Both the top and the bottom line surpassed the Zacks Consensus Estimate.
Quarterly net income was $79.7 million or 68 cents per share compared with $58.5 million or 50 cents in the year-ago quarter. The company’s reported earnings figure of 68 cents per share outpaced the Zacks Consensus Estimate of 61 cents.
Quarterly total revenue of $779.6 million was up 10.6% year over year beating the Zacks Consensus Estimate of $752.4 million.
Segment-wise, Admissions revenues were $476.5 million, up 9.3% year over year. Concession revenues grossed $268.2 million, up 12.8%. Other revenues were $34.9 million, down 11.8% year over year. Geographically, U.S. revenues totaled $581.2 million, up 6.9% year over year. International revenues were $202.1 million, up 23.1%.
Quarterly operating costs and expenses totaled $648.4 million, up 9.9% year over year. Operating income was $131.2 million, up 14.3% year over year. Operating margin was 16.8% compared with 16.3% in the prior-year quarter. Adjusted EBITDA in the reported quarter was $211.9 million, up 14.7% from the year-ago quarter.
At the end of the first quarter of 2017, Cinemark had $584.3 million of cash and cash equivalents and $1,789.6 million of debt outstanding compared with $561.2 million and $1,788.1 million, respectively, at 2016 end. At the end of the reported quarter, the debt-to-capitalization ratio was 0.57 compared with 0.58 at the end of 2016.
Cinemark Holdings is a leading motion picture exhibition company. Its major competitors include AMC Entertainment Holdings Inc. (NYSE:AMC) , Regal Entertainment Group (NYSE:RGC) and IMAX Corp. (NYSE:IMAX) . Cinemark currently carries a Zacks Rank #3 (Hold). You can see .
Cinemark Holdings Inc Price, Consensus and EPS Surprise
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