Cinemark Holdings Inc.’s inventory rose 3% early Friday, after the cinema operator’s better-than-expected fourth-quarter income overshadowed a wider-than-expected loss.
Plano, Texas-based Cinemark
CNK,
had a web lack of $18 million, or 15 cents a share, for the quarter, after a lack of $99.3 million, or 82 cents a share, pin the year-earlier interval. Income rose 6.5% to $638.9 million.
The FactSet consensus was for a lack of 7 cents and income of $620.0 million.
Cinemark ended the quarter with 5,719 screens throughout the U.S. and commitments to open 5 new theaters and add 43 screens over the subsequent two years.
Chief Government Sean Gamble mentioned the corporate expects to learn from the continued restoration within the trade after the stoop it suffered in the course of the pandemic.
The 2023 field workplace was buoyed by the “Barbenheimer” phenomenon, the place cinemagoers tried to see the 2 massive summer season blockbusters “Barbie” and “Oppenheimer” on the identical day after their launch in the summertime.
Learn now: ‘Barbie’ was the uncommon original-film summer season blockbuster. It is not going to reverse the franchise flood.
That led “Barbie” to gross greater than $1 billion by August, making director Greta Gerwig the primary feminine director to helm a film that reached that milestone.
Cinemark mentioned it had greater than 40 million moviegoers at its theaters within the quarter and 210 million for all of 2023.
See additionally: AMC shares hit longest profitable streak since December
The corporate additionally noticed document excessive meals & beverage per capita of $4.68 for the yr and concession income that exceeded 2019’s by 3% on 25% much less attendance.
Admissions income rose 5.8% to $322.4 million within the quarter, whereas concession income rose 7.7% to $243.0 million.
The inventory has gained 40% over the past 12 months, whereas the S&P 500
SPX,
has gained 23%.