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PLANO, Texas - Cinemark Holdings (NYSE:CNK) reported first quarter results that fell short of analyst estimates on Friday.
The company’s shares were down -3.98% in premarket trading following the release.
The movie theater chain posted a loss of $0.32 per share for Q1, wider than the $0.27 loss analysts were expecting. Revenue came in at $540.7 million, above the $524.2 million consensus estimate but down 6.6% year-over-year.
Admissions revenue declined 8.9% to $264.1 million, while concession revenue fell 6.2% to $210.4 million compared to the prior year quarter. The company said results were impacted by fewer tentpole film releases during the period.
The company’s U.S. theaters saw attendance drop 12.7% year-over-year to 20.6 million patrons. However, average ticket prices rose 2.6% to $10.08 and concession revenue per patron increased 5.4% to $7.98.
Cinemark ended the quarter with $699.4 million in cash and cash equivalents. The company repurchased $200 million worth of stock during Q1 under a newly authorized share repurchase program.
The stock has gained about 15% year-to-date.
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