Marcus Corp (NYSE: MCS) shares soared over 10% on Tuesday after the company reported record results for the third quarter of fiscal 2024, driven by robust performance across its theatre and hotel businesses.
For the quarter ended September 26, 2024, Marcus Corp posted revenue of $232.7 million, an 11.4% increase compared to the prior year period. Net earnings surged 90.6% to $23.3 million, while adjusted EBITDA jumped 23.5% to $52.3 million.
Marcus Theatres, the company's movie theatre division, saw revenue rise 13.6% and operating income soar 91.3%, significantly outperforming the industry. The strong results were fueled by a blockbuster film slate that included hits like Deadpool & Wolverine and Inside Out 2, which performed particularly well in Marcus' core Midwestern markets.
The Marcus Hotels & Resorts division also delivered a stellar quarter, with revenue growing 9.6% and operating income up 18.5%. The division benefited from hosting the Republican National Convention in Milwaukee, in addition to continued improvement in group bookings and leisure travel.
During the quarter, Marcus Corp repurchased approximately 693,000 shares for $9.7 million and completed the repurchase and retirement of $99.9 million in convertible senior notes, streamlining its capital structure and extending debt maturities.
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