Cinemark quarterly earnings fall short, raises dividend

Cinemark quarterly earnings fall short, raises dividend

Cinema chain operator Cinemark Holdings Inc. said Friday it had net income of $26.3 million, or 22 cents a share, in the fourth quarter, up from $19.4 million, or 17 cents a share, in the year-earlier period. Revenue fell to $788.8 million from $796.8 million. The FactSet consensus was for EPS of 43 cents and revenue of $799 million. Admissions revenue came to $434.2 million, while concession revenue came to $275.0 million. “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,” Chief Executive Mark Zoradi said in a statement. The new quarterly dividend of 36 cents will be paid March 20, to shareholders of record as of March 6.
Cinemark had 6,132 screens in total at year-end and is planning to open 13 new cinemas and 150 screens in 2020. Shares rose 1% premarket, but have fallen 11% in the last 12 months, while the S&P 500 has gained 22%.

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