Cinemark reports Q1 EPS 19c, consensus (20c)

Q1 net income included a $27.7M tax benefit primarily related to the release of valuation allowances. Reports Q1 revenue $579.0M, consensus $560.38M. “2024 North American industry box office has kicked off better than expected, declining only modestly versus 2023 despite last year’s strike-induced headwinds. Outsized results across a wide array of diverse films provide further validation that consumer enthusiasm for experiencing compelling content in an elevated, cinematic, theatrical setting remains robust,” stated CEO Sean Gamble. “During the quarter, our sensational team once again demonstrated their skillful ability to navigate a dynamic operating environment, delivering results that outpaced the market. As we look ahead, encouraging indicators pertaining to consumer moviegoing patterns, film volume recovery, and strength of content appeal continue to provide a positive long-term outlook for our industry. Moreover, we believe Cinemark is uniquely positioned to thrive on account of our advantaged competitive strengths and numerous levers to drive value creation.”