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Movie-theater stocks may be facing a tough first-quarter domestic box office, but they could be set for upside later this year, according to Macquarie Equity Research.
Cinemark Holdings, Inc. (NYSE:CNK) was last seen down 1.1% at $13.94, after a downgrade from B. Riley to "neutral" from "buy," and price-target cut to $15 from $23. CNK shed 15.5% in the past six months, and is today eyeing its fifth loss in the last six sessions, as it moves further below its 20-day moving average. The equity maintains a 61.8% year-over-year lead, however.
Cinemark Holdings, Inc. has reported strong Q3 2023 results, with an EPS of $0.61 and a revenue increase of 34.5%. The company has made strides in enhancing its bottom line, generating cash flow, and strengthening its balance sheet. Cinemark's upcoming movie releases and planned expansion suggest potential upside in the recovering market.
Cinemark Holdings Inc. is well-positioned for growth as the movie-theater chain recovers from the disruption of the COVID-19 pandemic, according to Benchmark analyst Mike Hickey.
Start Time: 08:30 January 1, 0000 9:41 AM ET Cinemark Holdings, Inc. (NYSE:CNK ) Q3 2023 Earnings Conference Call November 03, 2023, 08:30 AM ET Company Participants Sean Gamble - President and CEO Melissa Thomas - CFO Chanda Brashears - SVP of IR Conference Call Participants David Karnovsky - JPMorgan Eric Handler - ROTH MKM Eric Wold - B. Riley Securities Michael Nathanson - MoffettNathanson Ben Swinburne - Morgan Stanley Mike Hickey - Benchmark Jim Goss - Barrington Research Omar Mejias - Wells Fargo Stephen Laszczyk - Goldman Sachs Operator Greetings, and welcome to the Cinemark Holdings Third Quarter 2023 Earnings Call.
Here is how Cinemark Holdings (CNK) and Skechers (SKX) have performed compared to their sector so far this year.
Shares of AMC Entertainment Holdings Inc. climbed Friday after rival Cinemark Holdings Inc.'s third-quarter top- and bottom-line beat.
Cinemark Holdings (CNK) came out with quarterly earnings of $0.61 per share, beating the Zacks Consensus Estimate of $0.47 per share. This compares to loss of $0.20 per share a year ago.
The movie theater chain posted third-quarter earnings of 61 cents a share, while Wall Street called for 41 cents. Attendance rose 27.9% to 61.9 million.
Cinemark revenue set a record in the third quarter, thanks to blockbusters like Barbie and Oppenheimer, and even notched a 6% gain over pre-pandemic 2019 levels. The major exhibitor reported revenue of $875 million in the quarter ending September 30, up 35% over the year-ago period.