Cinemark hit the highest quarterly box office since the pandemic in Q3, bringing in a record $922 million in revenue thanks to a “steady cadence” of hits like “Deadpool & Wolverine” and “Twisters.” Net income ticked up to $187.8 million versus $90.2 million for the same quarter in 2023.
Sean Gamble, CEO of the Texas-based theater chain, chalked the positive earnings report up to “strong, sustained consumer enthusiasm for shared, larger-than-life theatrical experiences.”
Here are the top-line results:
Net income: $187.8 million, a 108% increase compared to $90.2 million a year ago.
Earnings Per Share: $1.19, a 95% increase compared to $0.61 in 2023.
Revenue: $922 million, a 5% increase over 2023.
Attendance: 37.6 million patrons, a slight uptick versus 37.5 million patrons for the same quarter last year.
Admissions revenue: $460.4 million, a 3.7% increase compared to last year.
Concessions revenue: $367.3 million, an 8.1% increase over last year.
“Propelled by one break-out hit after the next as a steadier cadence of compelling titles were released into theaters, the third quarter’s results clearly underscore that movie-going begets movie-going and further illustrate the heightened level of impact a theatrical release provides all categories of content,” President and CEO Sean Gamble said. “We commend our studio partners for their outstanding work producing and releasing such captivating films that will clearly leave a meaningful imprint on movie-goers for many years to come.”
The company was buoyed by the sustained, strong performance of films like Marvel’s megahit “Deadpool & Wolverine,” Warner Bros.’ “Beetlejuice Beetlejuice,” Universal’s “Twisters,” Sony’s “It Ends With Us” and 20th Century’s “Alien: Romulus,” which delivered the kind of consistent cadence of successes the box office needs to recover.
The company also achieved all-time-high food and beverage per caps of $7.97 in the U.S. and $6.08 worldwide and record-high third quarter Adjusted EBITDA of $221 million with a robust 23.9% Adjusted EBITDA margin.
Cinemark noted that the net income “included a $42.7 million tax benefit primarily related to the partial release of valuation allowances previously recorded in the U.S.”
