This Morning’s Earnings

We had three more Buy List earnings reports this morning, and all three topped Wall Street’s expectations.

First off, Cinemark (CNK) reported Q1 earnings of 68 cents per share, seven cents more than estimates. Revenues rose 10.6% to $779.6 million.

I like to joke that CNK is really a popcorn company more than a movie chain, but that’s not so outlandish.

Admissions revenues increased 9.3% and concession revenues increased 12.8%. For the three months ended March 31, 2017, attendance increased 2.5%, the average ticket price increased 6.7% to $6.41 and concession revenues per patron increased 10.1% to $3.61.

Ingredion (INGR) reported Q1 earnings of $1.88 per share. That’s 12 cents more than estimates. The company nows sees full-year earnings of $7.50 to $7.80 per share. That’s an increase of 10 cents to the low end. INGR made $7.13 per share last year.

“Our solid first quarter results reflect the overall positive trajectory of our business,” said Ilene Gordon, chairman, president and chief executive officer. “Higher core and specialty volumes, good operating efficiency, and the impact of acquisitions, more than offset headwinds in South America. Year-over-year operating income improved in North America, EMEA, and Asia Pacific.

“Our growth strategy continues to drive robust results and we remain confident in our 2017 outlook. Volume growth and improved specialty mix are expected to be driven by the startup of our recently completed specialty investments in North America and Asia Pacific. The integration of the Sun Flour Industry rice business and Shandong Huanong Specialty Corn further broaden our specialty portfolio and capacity while the integration of TIC Gums further expands our texture capabilities and enables us to deliver custom solutions faster. We have taken additional restructuring actions to right size our South American business and we will continue our disciplined approach to cost management. Our current expectation for adjusted EPS for the year is $7.50-$7.80.” Gordon highlighted

Intercontinental Exchange (ICE) said they earned 74 cents per share for Q1. That beat the Street by a penny.

Scott A. Hill, ICE CFO, added: “Our results were driven by executing in our core business while integrating our acquisitions. We generated operating cash flows of $611 million in the quarter, the second highest quarter in our history, which enabled us to significantly increase our share repurchases to $229 million and to increase our dividend 17% to $120 million, while continuing to invest in our growth initiatives. We are well positioned to continue to deliver strong returns to our shareholders in 2017 and beyond.”

Posted by on May 3rd, 2017 at 7:15 am


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