Cinemark Third Quarter Earnings Report Sets 2024 Record

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

The company, led by President and CEO Sean Gamble, reported quarterly profit of $187.8 million, compared to $90.2 million in the same period in 2023. Net profit for the trailing three months included a benefit tax of $42.7 million “primarily related to the partial release of previously recorded assessment allowances in the United States”

Revenue of $921.8 million increased 5.4% from the same quarter a year earlier. 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.

“Consumers' strong and ongoing enthusiasm for shared, extraordinary moviegoing experiences was once again on full display in the third quarter, as theatrical results far exceeded expectations, delivering the highest quarterly box office since the pandemic, which rose to 4% in the third quarter of 2019,” Gamble said. “Driven by one smash hit after another as an ever-increasing cadence of compelling titles were released in theaters, the third quarter results clearly highlight that moviegoing begets moviegoing and further illustrate the increased level of impact that a theatrical release offers to everyone. content categories. We congratulate our studio partners on their outstanding work producing and distributing such captivating films that will clearly leave a significant impression on moviegoers for many years to come.”

In the three months ended September 30, admissions revenue increased 3.7% to $460.4 million, while concessions revenue increased 8.1% to $367.3 million , as Cinemark saw a percentage increase in attendance to x million viewers. The cinema chain's global average ticket price was $7.62, with revenue per customer of $6.08.

Cinemark pointed out that this means it “reached all-time food and beverage highs per capsule of $7.97 in the U.S. and $6.08 worldwide.”

In September, the National Association of Theater Owners said its members, North American theater exhibitors, would invest $2.2 billion in theater upgrades to take advantage of Hollywood's overall box office recovery this year after studios tentacle like Inside out 2, Deadpool and Wolverine, Bad Boys: Ride or Die, It ends with us AND Despicable Me 4 they filled the local multiplexes.

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