20:46:03 EDT Thu 06 Aug 2020
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Cineplex Inc
Symbol CGX
Shares Issued 63,333,238
Close 2019-08-07 C$ 23.00
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Globe says solid Q2 expected for Cineplex

2019-08-07 07:23 ET - In the News

The Globe and Mail reports in its Wednesday edition that despite lower-than-anticipated box office growth, Canaccord Genuity analyst Aravinda Galappatthige expects Cineplex to report "solid" second quarter results on Wednesday before the bell. The Globe's David Leeder writes in the Eye On Equities column that Mr. Galappatthige says in a note: "We expect the company to report 2.7-per-cent Q2 box office growth, which reflects the 3.2-per-cent industry growth, down from our initial estimate of 8 per cent. It is worth noting that Q2/18 was a very strong quarter, which creates a challenging year-over-year comparison. Moreover, the final weeks of Q2/19 saw some loss of momentum as the late slate failed to keep pace with a stellar closing to Q2/18. We expect that the growth in the box office should help propel 5-per-cent consolidated revenue growth and 12-per-cent EBITDA growth. We expect box office momentum to continue into H2 and are already seeing strength in Q3, which is up 10 per cent quarter-to-date." Mr. Galappatthige is forecasting revenue of $428-million for the quarter, up 4.7 per cent year-over-year. Maintaining a "buy" rating, his share target fell by a loonie to $31, a nickel above the consensus.

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