Cinemark Earnings: CNK Stock Slips 12% on Q4 Miss

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Cinemark (NYSE:CNK) earnings for the movie theater company’s fourth quarter of 2019 have CNK stock down on Friday. This is after reporting diluted earnings per share (EPS) of 22 cents on revenue of $788.8 million. These are both below Wall Street’s estimates of 43 cents per share and revenue of $799.04 million.

Cinemark Earnings: CNK Stock Slips 12% on Q4 Miss

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Now, let’s take a look at what else went down in the most recent Cinemark earnings report.

  • Diluted per-share earnings are up 29.41% from 17 cents during the same time last year.
  • Revenue for the quarter is sitting 1.21% lower than the $798.48 million from the fourth quarter of 2018.
  • Operating income of $64.44 million is a 15.98% drop year-over-year from $76.7 million.
  • The Cinemark earnings report also has net income coming in at $26.84 million.
  • That’s a 33.93% increase over the company’s net income of $20.04 million in the same period of the year prior.

Mark Zoradi, Cinemark’s CEO, had this to say about the CNK stock earnings report:

“Continued benefits derived from our strategic initiatives enabled us to surpass North American industry box office results by 200 bps in 2019, and our consistent financial strength gave our Board of Directors confidence to approve an $0.08 increase to our dividend to $1.44 per annum, which has now grown 33% over the past five years.”

The Cinemark earnings report doesn’t include its 2020 outlook. Even so, we know what Wall Street is expecting. Analysts are looking for EPS of $2.02 on revenue of $3.27 billion for the year.

CNK stock was down 11.52% as of Friday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/02/cinemark-earnings-drop-cnk-stock-hard/.

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