Shares of Cinemark Holdings Inc. CNK rallied 2.4% toward a fifth-straight gain in premarket trading Friday, after the movie theater operator reported third-quarter earnings that were well above expectations, boosted by a jump in admissions, including a record domestic box office in July. The company swung to net income of $90.2 million, or 61 cents a share, from a loss of $24.5 million, or 20 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 41 cents. Revenue grew 34.5% to $874.8 million, above the FactSet consensus of $845.6 million, as admissions revenue jumped 36.7% to $443.8 million and concession revenue increased 34.0% to $339.8 million. Admission rose 27.9% to 61.9 million guests, and average ticket price increased 6.9% to $7.17. The stock, which has run up 8.6% over the past four sessions, has still slipped 2.7% over the past three months through Thursday, while the S&P 500 SPX has lost 4.1%.
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