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Cinemark beats estimates as box office recovery continues

EditorRachael Rajan
Published 10/31/2024, 07:09 AM
© Reuters.
CNK
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PLANO, Texas - Cinemark Holdings, Inc. (NYSE:CNK) reported better-than-expected third quarter results on Thursday, as the movie theater chain benefited from a continued recovery in box office attendance. The company's shares rose 1% in premarket trading following the earnings release.

Cinemark posted adjusted earnings per share of $1.19, significantly beating analyst estimates of $0.55. Revenue came in at $922 million, also topping expectations of $884.65 million.

"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," said Sean Gamble, Cinemark's President and CEO.

The company reported record third quarter revenue of $922 million, up 5% YoY. Admissions revenue increased 3.7% to $460.4 million, while concession revenue rose 8.1% to $367.3 million. Worldwide attendance reached 60.4 million patrons.

Cinemark achieved all-time high food and beverage per capita spending of $7.97 in the U.S. and $6.08 worldwide. The company's domestic box office results outpaced the North American industry recovery by over 600 basis points YoY.

Adjusted EBITDA hit a record $221 million for the third quarter, with a robust 23.9% margin that expanded 140 basis points YoY.

"These solid results are a direct reflection of our highly skilled and resourceful global team, the continued benefits we are deriving from our ongoing strategic initiatives, and Cinemark's many distinctive advantages that we believe will continue to position us for future growth and success," Gamble added.

For the fourth quarter, Cinemark expects to benefit from a strong slate of upcoming film releases as the box office recovery continues.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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