By Dean Seal
Cinemark swung back to a profit in the fourth quarter as a surge in attendance boosted ticket sales and concessions revenue to new highs.
The movie-theater chain posted a profit of $51.3 million, compared with a loss of $18 million in the same period a year earlier. Per share, earnings were 33 cents a share. Analysts polled by FactSet had been expecting 38 cents a share.
Revenue climbed more than 27% to $814.3 million, above analyst estimates of $796 million, according to FactSet.
That's the highest fourth-quarter total on record, Cinemark said. Attendance was up more than 25% at 51 million moviegoers for the last three months of 2024.
Admissions revenue was up 26% from a year earlier at $406.5 million and concessions revenue soared 29% at $313.4 million. Both figures topped analyst forecasts.
Cinemark said it would reinstate its annual cash dividend at 32-cents per share based on the strong performance and the company's positive outlook.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 19, 2025 06:56 ET (11:56 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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