Shares of
Cinemark
were rising in premarket trading Friday after the movie theater chain reported better-than-expected second-quarter earnings.
Cinemark
(ticker: CNK) posted earnings of 80 cents a share, pivoting from a loss in the year-ago quarter and higher than the 54 cents Wall Street had forecast. It also reported better-than expected revenue of $942.3 million.
Attendance for the period was 64.4 million patrons, rising 23.8% from a year ago.
“We believe box office performance witnessed year-to-date, and over the past two years, provides conclusive evidence that consumer enthusiasm to view compelling films in a shared, larger-than-life, cinematic environment is as strong as ever,” said Sean Gamble, Cinemark president and chief executive officer, in a press release.
Shares of Cinemark were up 4.5% to $18.10 in premarket trading. Coming into Friday’s session, the stock has doubled this year.
Write to Emily Dattilo at [email protected]
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