Monday, November 25, 2024

Cinemark Posts Record Q3 Revenue on Highest Box Office Since Pandemic, “Consumer Enthusiasm”

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Exhibition giant Cinemark reported xx third-quarter earnings on Thursday as revenue rose.

The company, led by president and CEO Sean Gamble, posted a quarterly profit of $187.8 million, compared with $90.2 million in the same period of 2023. Net income for the latest three months included a $42.7 million tax benefit “primarily related to the partial release of valuation allowances previously recorded in the U.S.”

Revenue of $921.8 million was up 5.4 percent from the year-ago quarter. Cinemark‘s third-quarter adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), another profitability metric, grew to $220.5 million from $196.8 million a year ago. The company touted third-quarter records for both revenue and adjusted EBITDA.

“Strong, sustained consumer enthusiasm for shared, larger-than-life, theatrical experiences was once again on full display in the third quarter as film results far outpaced expectations, delivering the highest quarterly box office since the pandemic, which climbed to within 4 percent of the third quarter of 2019,” said Gamble. “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. 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.”

For the three months that ended on Sept. 30, admissions revenue increased 3.7 percent to $460.4 million, while concession revenue rose 8.1 percent to $367.3 million, as Cinemark posted a x percent increase in attendance to x million patrons. The cinema chain’s worldwide average ticket price amounted to $7.62, with concession revenue per patron coming in at $6.08. 

Cinemark highlighted that this meant it “achieved all-time-high food and beverage per caps of $7.97 in the U.S. and $6.08 worldwide.”

In September, the National Association of Theatre Owners said that its members, meaning North American movie exhibitors, were set to invest $2.2 billion in cinema upgrades to take advantage of Hollywood’s overall box office rebound this year after studio tentpoles like Inside Out 2Deadpool & WolverineBad Boys: Ride or DieIt Ends With Us and Despicable Me 4 have filled local multiplexes.

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