Cinemark Blows Past Wall Street Forecast With $611 Million in Q1 Revenue
thewrap.comCinemark posted a dramatically smaller loss for the first quarter, besting analyst expectations as the national theater chain saw customers return to the movies.The Plano, Texas-based company said revenue leaped 32% to $610.7 million for the three months ended March 31, compared with $460.5 million for the 2022 first quarter.
Analysts polled by Zack’s Investment Services had expected revenue of $569 million.The loss for the quarter came in at $3.1 million, or 3 cents per share.
That’s an vast improvement from the loss in the fourth quarter of 2022 of $74 million, or 82 cents per share, last year, and a major beat to Wall Street projections of a loss of 28 cents per share.
Cinemark enjoyed an 30% jump in attendance to 43 million thanks to a stronger early-year slate. Along with continued turnout from holiday hit sequels “Avatar: The Way of Water” and “Puss in Boots: The Last Wish,” January films like “A Man Called Otto” and “M3GAN” brought moviegoers from a wide range of interests and demographics back to theaters.
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