By Mark R. Long
Cinemark Holdings' quarterly profit more than doubled, beating market forecasts, as box office hits drew more moviegoers, boosting revenue.
The Plano, Texas, company Thursday reported third-quarter net income of $187.8 million, or $1.19 a share, up from $90.2 million, or 61 cents a share, in the same quarter last year. Revenue rose 5.4% to $921.8 million. Analysts polled by FactSet expected earnings of 64 cents a share on revenue of $895 million.
Chief Executive Sean Gamble credited a string of blockbusters for drawing 60 million viewers to its cinemas worldwide and the highest quarterly box office since the pandemic.
"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," Gamble said.
The company said net income for the three months ended Sept. 30 included a $42.7 million tax benefit.
Shares of Cinemark edged 0.2% higher to $30.55 in premarket trading. The stock price has more than doubled since the start of the year.
Write to Mark R. Long at mark.long@wsj.com
(END) Dow Jones Newswires
October 31, 2024 07:20 ET (11:20 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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