Delivered record-high third quarter revenue of $922 million that grew 5% year-over-year
Cinemark Holdings, Inc. (NYSE: CNK), one of the largest and most influential theatrical exhibition companies in the world, today reported results for the three and nine months ended September 30, 2024.
“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% of 3Q19,” stated Sean Gamble, Cinemark’s President and CEO. “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.”
Mr. Gamble continued, “I’d also like to commend our sensational Cinemark team for capitalizing on the quarter’s box office strength and once again delivering exceptional results that surpassed industry benchmarks and generated record-high third quarter revenue and Adjusted EBITDA. 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.”
Q3 2024 Earnings Highlights
of $1.19.
Financial Results
Cinemark Holdings, Inc.’s total revenue for the three months ended September 30, 2024 increased 5.4% to $921.8 million compared with $874.8 million for the three months ended September 30, 2023. For the three months ended September 30, 2024, admissions revenue increased 3.7% to $460.4 million and concession revenue increased 8.1% to $367.3 million. Worldwide average ticket price was $7.62 and concession revenue per patron was $6.08.
Net income attributable to Cinemark Holdings, Inc. for the three months ended September 30, 2024 was $187.8 million compared with net income of $90.2 million for the three months ended September 30, 2023. Diluted earnings per share for the three months ended September 30, 2024 was $1.19 compared with diluted earnings per share of $0.61 for the three months ended September 30, 2023. Net income for the three months ended September 30, 2024 included a $42.7 million tax benefit primarily related to the partial release of valuation allowances previously recorded in the U.S.
Adjusted EBITDA for the three months ended September 30, 2024 was $220.5 million compared with $196.8 million for the three months ended September 30, 2023. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.
Cinemark Holdings, Inc.’s total revenue for the nine months ended September 30, 2024 decreased 7.9% to $2,235.2 million compared with $2,427.8 million for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, admissions revenue decreased 9.5% to $1,116.0 million and concession revenue decreased 6.8% to $884.4 million, driven by an 11.3% decrease in attendance to 150.1 million patrons. Worldwide average ticket price was $7.44 and concession revenue per patron was $5.89.
Net income attributable to Cinemark Holdings, Inc. for the nine months ended September 30, 2024 was $258.4 million compared with net income of $206.2 million for the nine months ended September 30, 2023. Diluted earnings per share for the nine months ended September 30, 2024 was $1.73 compared with diluted earnings per share of $1.43 for the nine months ended September 30, 2023. Net income for the nine months ended September 30, 2024 included a $71.3 million tax benefit primarily related to the release of certain valuation allowances.
Adjusted EBITDA for the nine months ended September 30, 2024 was $433.3 million compared with $514.5 million for the nine months ended September 30, 2023. Reconciliations of non-GAAP financial measures are provided in the financial schedules accompanying this press release and at https://ir.cinemark.com.
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About Cinemark Holdings, Inc.
Headquartered in Plano, TX, Cinemark (NYSE: CNK) is one of the largest and most influential movie theatre companies in the world. Cinemark’s circuit, comprised of various brands that also include Century, Tinseltown and Rave, as of September 30, 2024 operated 499 theaters with 5,680 screens in 42 states domestically and 13 countries throughout South and Central America. Cinemark consistently provides an extraordinary guest experience from the initial ticket purchase to the closing credits, including Movie Club, the first U.S. exhibitor-launched subscription program; the highest Luxury Lounger recliner seat penetration among the major players; XD – the No. 1 exhibitor-brand premium large format; and expansive food and beverage options to further enhance the moviegoing experience. For more information go to https://ir.cinemark.com.