Cinemark revenue set a record in the third quarter, thanks to blockbusters like Barbie and Oppenheimer, and even notched a 6% gain over pre-pandemic 2019 levels.
The major exhibitor reported revenue of $875 million in the quarter ending September 30, up 35% over the year-ago period.
Earnings per share of 61 cents on a diluted basis represented a return to profitability, compared with a loss of 20 cents a share a year ago.
July was Cinemark’s biggest domestic box office month of all time, with Barbie and Oppenheimer combining in a rare cultural explosion. Songs of Freedom, a left-field hit, also proved a welcome serendipity for theater owners.
The current fourth quarter could be a bit more problematic for theater owners, as the ongoing SAG-AFTRA strike has forced the delay of a number of films in the period.
Admissions across the U.S. and Latin America hit 62 million. Cinemark said it is the only major U.S. exhibitor to have achieved a meaningful increase in market share since the pandemic.
Net debt declined to $2.4 billion from $ 2.5 billion a year ago. Plano, TX-based Cinemark has managed to remain less debt-encumbered than its rivals during the past several years of operational intensity.
“As we assess the fundamental drivers of our industry’s and company’s long-term health and prosperity – particularly consumer behavior trends, key indicators for new release volume recovery over time, and the significant range of incremental revenue and productivity opportunities that are
fully within our control – we remain highly optimistic about the future,” CEO Sean Gamble said in the earnings release.
