You will be redirected back to your article in seconds

Cinemark Shares Surge on Strong Earnings Report

Shares of the theater chain Cinemark Holdings Inc. jumped 6% after the company delivered a fourth-quarter earnings report that was well above Wall Street estimates and raised its dividend.

Shares closed up $2.55 to $42.27 in trading Friday on the New York Stock Exchange. Shares have not traded in that range since last May.

In a report issued Friday before the market opened, Texas-based Cinemark reported earnings of $95.1 million, or 82 cents a share, up 23% from $77 million, or 66 cents a share, in the year-earlier period. Revenue rose 7% to $750 million from $700.9 million. The consensus had been for earnings of 48 cents and revenue of $746 million.

“We are thrilled to report our third consecutive year of record results in worldwide revenues, net income and earnings per share,” said CEO Mark Zoradi. “We were able to deliver these all-time highs in a box office environment that declined slightly year-over-year due to the successful execution of our strategic initiatives and the underlying strength of Cinemark’s operating fundamentals.”

During an analyst call to discuss Cinemark’s latest financial results, Zoradi was optimistic about box office prospects for 2018, asserting that theatrical exhibition remains stable and profitable. He cited the strong performance of Disney-Marvel’s “Black Panther,” which has taken in $520 million worldwide in less than two weeks.

The company also raised its dividend by 10% to $1.28 a share on an annualized basis. The fourth-quarter dividend of 32 cents will be paid on March 22 to shareholders of record as of March 8.

Thanks to the worst summer for moviegoing in a decade, U.S. movie admissions slid 6% last year to 1.24 billion for the lowest number since 1995, the National Association of Theatre Owners (NATO) reported on Jan. 17. North American box office for the year declined 2.55% to $11.09 billion, NATO said.

Cinemark has 533 theaters and 5,959 screens in the U.S. and Latin America. It’s the third-largest chain in the U.S. with 339 theaters and 4,561 screens in 41 states.

More Film

  • Noah CentineoNickelodeon Kids' Choice Awards, Show,

    Kids’ Choice Awards 2019: JoJo Siwa, Noah Centineo Take on Bullying

    This year’s Nickelodeon Kids’ Choice Awards was full of positivity and encouragement to be yourself. DJ Khaled, known for his upbeat mantras, hosted the 32nd annual awards ceremony alongside JoJo Siwa at USC’s Galen center. Siwa accepted the award for favorite social music star. Siwa said in her acceptance speech, “I get hated on every [...]

  • Us Scriptwriter and Film-maker Larry Cohen

    Larry Cohen, Cult Horror Writer-Director of 'It's Alive,' Dies at 77

    Larry Cohen, best known for his work as a B-movie producer and director in the ’70s and his later work in screenwriting, has died. He was 77. Cohen’s friend, actor and publicist Shade Rupe, confirmed the news, which was announced in a post to Cohen’s official Facebook page. Rupe said Cohen died in Los Angeles [...]

  • Captain Marvel

    Box Office: 'Captain Marvel' Shatters $900 Million Milestone

    Brie Larson’s “Captain Marvel” continues to do heroic business. In its latest box office milestone, the female-fronted superhero tentpole zoomed past $900 million in ticket sales worldwide. “Captain Marvel” brought in a mighty $87 million globally this weekend, including $52 million from international territories. It has now generated $589 million overseas for a global haul [...]

  • Us - Lupita Nyong’o - cr:

    Box Office: Jordan Peele's 'Us' Stuns With $70 Million Opening Weekend

    Talk about scary good. Universal’s “Us,” the second directorial effort from Jordan Peele, pulled off a stunning debut, generating $70 million from 3,741 North American locations. That haul is enough to land it the second-best opening weekend of the year behind Disney’s “Captain Marvel” ($153 million). The psychological thriller about a family confronted by a [...]


    Film Review: 'Shazam!'

    In “Shazam!,” Zachary Levi brings off something so winning it’s irresistible. He plays a square-jawed, rippling-muscled man of might, with a cheesy Day-Glo lighting bolt affixed to his chest, who projects an insanely wholesome and old-fashioned idea of what a superhero can be. But he’s also playing a breathless teenage kid on the inside, and [...]

More From Our Brands

Access exclusive content