Cinemark Surpasses Expectations as Box Office Recovery Continues

PLANO, Texas - Cinemark Holdings, Inc. (NYSE:CNK) reported on Thursday that it performed above expectations in its third-quarter results, benefiting from the continued recovery in box office attendance. The company’s shares rose by 1% in pre-market trading following the earnings announcement.

Cinemark announced adjusted earnings per share of $1.19, significantly exceeding analyst estimates of $0.55. Revenue came in at $922 million, surpassing expectations of $884.65 million.

Sean Gamble, Cinemark's President and CEO, stated, "The strong and sustained consumer interest in shared, larger-than-life cinematic experiences was once again fully evident in the third quarter. Film results exceeded expectations, achieving the highest quarterly box office revenue since the pandemic."

The company reported record third-quarter revenue of $922 million, reflecting a 5% increase year-over-year. Ticket revenue increased by 3.7% to $460.4 million, while concession revenue rose by 8.1% to $367.3 million. The global audience reached 60.4 million people.

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

Adjusted EBITDA hit a record $221 million in the third quarter, achieving a strong 23.9% margin, which expanded 140 basis points year-over-year.

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

Cinemark anticipates capitalizing on the upcoming strong film lineup as box office recovery continues into the fourth quarter.