Exhibition giant Cinemark reported record fourth-quarter revenue of $814 million, up 27 percent year-over-year and 3 percent above the pre-COVID pandemic fourth quarter of 2024. The company swung to a fourth-quarter profit of $51.3 million, compared to a year-earlier loss of $18.0 million.
The company posted quarterly adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), another profitability metric, of $156.9 million on Wednesday, compared with $79.6 million in the year-ago period.
Fourth-quarter theatrical releases included the likes of Wicked, starring Ariana Grande and Cynthia Erivo, Moana 2, Gladiator II, and Venom: The Last Dance.
“The enduring and timeless consumer appeal of shared, cinematic experiences that movie theaters uniquely provide was reinforced once again in 2024 as North American industry box office of approximately $8.8 billion far exceeded expectations and delivered multiple all-time records,” said CEO Sean Gamble. “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. Based on the strength of our company and our positive future outlook, we are thrilled to reinstate our annual cash dividend at 32 cents per share, which marks another major milestone in our recovery from the pandemic and reflects our ongoing commitment to creating long-term value for all shareholders.”
For the three months to Dec. 31, Cinemark’s admissions revenue increased 26.1 percent to $406.5 million, while concession revenue jumped 29.0 percent to $313.4 million, Cinemark said. It also touted “an all-time high food and beverage per cap of $5.96” forthe full year 2024.
Its worldwide average ticket price was $7.97, with concession revenue per patron coming in at $6.15. Domestically, the average ticket price was up to $10.39 in the latest quarter, compared with $10.21 a year earlier.
In the U.S., Cinemark hosted 32.6 million patrons in the fourth quarter, compared to a year-ago figure of 26.2 million, with the global figure rising from 40.6 million to 51.0 million.
Based in Plano, Texas, Cinemark operates approximately 500 theaters, including more than 300 in the U.S., with nearly 4,300 screens, and 193 theaters with nearly 1,400 screens in 13 cinemas in South and Central American countries.
A year ago, Gamble suggested that there could be deal opportunities opening up down the line. “I do think in the U.S. we could start to see more attractive opportunities surface in the next year or two,” he said back then.