Cinemark narrows loss in Q2 as revenue tops estimates

Cinemark Holdings Inc. posted a net loss of $142.5 million, or $1.19 per share, for the second quarter, narrower than the loss of $170.4 million, or $1.45 a share, posted in the year-earlier period. revenue came to $294.7 million, up from just $9.0 million a year ago when theaters were closed for the pandemic. The FactSet consensus was for a loss of $1.10 a share and revenue of $256 million. The Plano, Tx.-based operator of the Century, Tinseltown and Rave cinema chains said the recovery from last year's slump "progressed at a faster rate than we expected with the North American industry box office more than tripling first quarter results," Chief Executive Mark Zoradi said in a statement. The company is confident that trends are headed in a positive direction. Cinemark had 5,864 screens as of June 30, and commitments to open five new theaters and 66 screens in 2021, followed by 12 new theaters and 109 screens after that. Shares were slightly lower premarket and have fallen 12% in the year to date, while the S&P 500 has gained about 18%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Cinemark narrows loss in Q2 as revenue tops estimates
Cinemark Holdings Inc. posted a net loss of $142.5 million, or $1.19 per share, for the second quarter, narrower than the loss of $170.4 million, or $1.45 a share, posted in the year-earlier period. revenue came to $294.7 million, up from just $9.0 million a year ago when theaters were closed for the pandemic. The FactSet consensus was for a loss of $1.10 a share and revenue of $256 million. The Plano, Tx.-based operator of the Century, Tinseltown and Rave cinema chains said the recovery from last year's slump "progressed at a faster rate than we expected with the North American industry box office more than tripling first quarter results," Chief Executive Mark Zoradi said in a statement. The company is confident that trends are headed in a positive direction. Cinemark had 5,864 screens as of June 30, and commitments to open five new theaters and 66 screens in 2021, followed by 12 new theaters and 109 screens after that. Shares were slightly lower premarket and have fallen 12% in the year to date, while the S&P 500 has gained about 18%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.