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In its third quarter, CNK stated that its growth outpaced the domestic industry box office for the fourth straight quarter. The company is in a good situation to benefit from the rebirth of 3-D through its XD Extreme Digital initiative.
Cinemark Holdings is the second-largest motion picture exhibitor in the world in terms of both attendance and the number of screens in operation. The company is part of the broad industry of leisure & recreation services. The only other name from this space on today's Zacks #1 Rank List is Dover Motorsports, Inc. ( DVD - Snapshot Report ) , which is of course in a different business.
Earnings Estimates for Cinemark Holdings
The Zacks Consensus Estimate for 2009 is at 72 cents per share, which is up 7.5% in the past 2 months.
Profit growth of 25% is expected year over year, as the Zacks Consensus Estimate for 2010 is 90 cents. This outlook has improved by nearly 6% in 2 months and about 2.3% in 30 days.
As for the soon-to-be-announced fourth quarter, analysts are expecting 18 cents per share, marking a 4-cent, or nearly 30%, advance in 2 months.
In its third quarter, Cinemark Holdings reported earnings per share of 20 cents, which was 25% better than the Zacks Consensus Estimate. This marked the fifth straight quarter with a positive earnings surprise.
Total revenues reached $496.8 million, which is up 4.3% from last year's $476.2 million. Attendance increased by 4.5%.
"South American countries continue to outpace the U.S. economic recovery and we continue to benefit from solid industry trends and the expansion of our international portfolio," said Cinemark Holdings' CEO Alan Stock.
"The fourth quarter box office is off to a good start, as patrons continue to enjoy the cinema as an exciting, low cost form of entertainment," said Mr. Stock, who also highlighted the company's growth opportunities via the expansion of 3-D and alternative content.
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