Cinemark Reports Mixed Q4 Results, Restores Shareholder Dividend In Post-Covid Milestone

deadline.com:

Movie theater owner Cinemark reported mixed fourth-quarter results, missing Wall Street earnings forecasts but posting better-than-expected revenue.

Earnings of 33 cents a share on a diluted basis represented an improvement from the year-ago period, which saw a loss of 15 cents a share.

Analysts’ consensus outlook was for earnings of 41 cents. Revenue increased 28% from a year ago to hit $814.3 million, well ahead of analysts’ expectations.

The quarter saw particularly strong box office for family movies, including Moana 2, Wicked, Mufasa and Sonic 3. Despite the solid results to end the year, lingering impact from the dual strikes of 2023 and secular declines in theatrical moviegoing kept the industry’s annual revenue of $8.8 billion well short of pre-pandemic levels.