: Cinemark stock drops after swinging to wider-than-expected loss, while revenue beat forecasts
Shares of Cinemark Holdings Inc. CNK fell 3.7% in premarket trading Friday, after the movie theater operator reported fourth-quarter losses that were wider than expected, although revenue beat forecasts. The company swung to a net loss of $99.3 million, or 82 cents a share, from net income of $5.7 million, or 5 cents a share, in the year-ago period. The FactSet consensus for per-share losses was 32 cents. Revenue fell 10.0% to $599.7 million, to beat the FactSet consensus of $572.2 million, as admission revenue declined 11.7% to $304.6 million but was above the FactSet consensus of $289.1 million and concession revenue was down 9.1% to $225.7 million but topped expectations of $211.2 million. In the U.S., attendance fell 19.6% to 25.1 million, while average ticket price increased 8.6% to $10.00 and concession revenue per patron was up 11.6% to $7.43. The stock has lost 5.3% over the past three months through Thursday, while the S&P 500 SPX has eased 0.4%.
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