Cinemark enjoyed the fruits of a strong end to 2024, driven by hits like “Wicked” and “Moana 2” to beat revenue projections with $814 million in Q4.
That is 27% above the $638 million grossed in Q4 2023, a quarter in which a precious few hit films like “Wonka” kept up a theatrical market that suffered from strike-related delays. It also beats Zacks Research’s projections of $797 million in revenue.
More of the topline stats below:
EPS/Net Income: Cinemark reported net income of $51.3 million for the quarter, equating to adjusted earnings per share of $0.33. That’s down from the $1.19 per share for Q3 driven by “Despicable Me 4” and “Deadpool & Wolverine” but is an improvement from the $18 million net loss in Q4 2023 and loss per share of 15 cents.
Attendance: Attendance was 51 million, up from 40.6 million from Q4 2023. In the U.S. alone that number was 32.6 million, up from 26.2 million a year ago. Admissions revenue hit $406.5 million for the quarter, up 26% from Q4 2023.
Concessions: Concessions revenue was $313.4 million, an increase from $243 million in Q4 2023. The company hit an all-time high food and beverage per cap of $5.96.
“On better-than-expected industry performance, Cinemark delivered outsized box office proceeds and solid overall financial results driven by an intense focus on disciplined operational execution and the sustained impact of our strategic initiatives,” CEO Sean Gamble said in a statement.
On these strong earnings, Cinemark has reinstated their annual cash dividend at $0.32 per share, which Gamble said “marks another major milestone in our recovery from the pandemic and reflects our ongoing commitment to creating long-term value for all shareholders.”
The quarter got off to a slow start after the historic collapse of Warner Bros.’ “Joker: Folie a Deux,” which only grossed $58.3 million domestically. That left Sony’s “Venom: The Last Dance” as the top grossing release of the month with $139 million, with support coming from the long legs of the September DreamWorks release “The Wild Robot.”
But fortunes turned around in November thanks first to the breakout success of Universal’s “Wicked,” which contributed $432 million to the quarter as it became the highest grossing Broadway adaptation of all time. That was immediately followed by Disney’s “Moana 2,” which shattered the Thanksgiving weekend record and contributed $404 million to the quarter.
While the holiday season did not yield a “Star Wars”-level hit, Disney’s “Mufasa” and Paramount’s “Sonic the Hedgehog 3” brought the year to a smooth landing with a combined total of $279.6 million. Another Paramount title, “Gladiator II,” was another.
