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Cinemark Holdings (CNK) Tops Q1 Earnings and Revenues

Cinemark Holdings Inc. CNK is a leading motion picture exhibition company globally. As of Dec 31, 2015, Cinemark operates 513 theatres and 5,796 screens in 41 U.S. states, Brazil, Argentina and 12 other Latin American countries.

Of late, Cinemark has been opening and renovating theatres with state-of-the-art amenities. It has recently announced the inauguration of 12 screen theatres in Michigan with the NextGen cinema design concept, Luxury Lounger electric recliners in all auditoriums, and a Cinema Cafe. Addition of such special features helps to rake in ancillary revenues from movie goers through beverages and foods.

However, theater chains are constantly facing increasing threat from alternative movie streaming services such as Netflix, and Time Warner’s HBO Now and Hulu. While theater chains still remain the preferred choice for film studios, the recent trend of movie watchers opting for streaming services are making film studios seek better terms in box office revenues with large-screen theater companies.

Cinemark currently carries a Zacks Rank #3 (Hold). The company has generated a positive average earnings surprise of 0.15% in the previous four quarters. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: Cinemark reported first quarter earnings of 50 cents per share, higher than the Zacks Consensus Estimate of 48 cents per share. Investors should note that these figures take out stock option expenses.

Revenue: Cinemark reported total revenue of $704.9 million, surpassing the Zacks Consensus Estimate of $697 million.

Key States to Note: Quarterly worldwide average screen count came in at 5,805 against 5,677 in the prior-year quarter. Domestic average screen count was 4,522, up 0.6% year over year. International average screen count was 1,283, up 8.6% year over year.

Check back later for our full write up on this Cinemark earnings report later!

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