By Sam Boughedda
Investing.com -- Cinemark Holdings Inc's (NYSE:CNK) earnings report revealed a top and bottom-line beat Friday, and while its shares opened up well above Thursday's close, they have been unable to sustain the move.
Cinemark shares closed Thursday's session at $17.75 per share. They are now just 0.5% above that level, despite opening Friday at $18.90.
The American movie theatre chain swung to a profit in the fourth quarter, reporting earnings per share of $0.05 on revenue of $666.63 million. Analyst had expected earnings per share of -$0.13 on revenue of $597.78 million.
The Plano, Texas-based company's revenues for the three months increased 579% compared to $98.2 million in the same quarter the previous year.
The company reported its first quarterly profit since the start of the pandemic as customers flocked back to theatres with restrictions almost non-existent.
Admissions revenues were $344.9 million, and concession revenues were $248.1 million for the quarter, driven by the attendance of 48.1 million. The average ticket price was $7.17.
"This rebound in attendance generated positive results in cash flow from operations, net income, and Adjusted EBITDA across our entire global organization for the first time since the onset of COVID-19 – all significant milestones in our recovery," stated Sean Gamble, Cinemark’s President & CEO.
"We are greatly looking forward to a robust slate in 2022 that includes a long list of highly anticipated franchises, as well as a broad range of diverse films, providing varied offerings for all audiences," he added.
Cinemark said it has commitments to open three new theatres and 47 screens during 2022.