Cinemark Holdings Inc. (CNK) soared in the third quarter of 2024, driven by a slate of box office hits and the theater chain's continued recovery from the COVID-19 pandemic.

The Plano, Texas-based company reported net income of $187.8 million, or $1.19 per share, more than doubling from $90.2 million, or $0.61 per share, in the same period last year. Revenue rose 5.4% to $921.8 million, beating analyst estimates of $895 million.

The strong results were fueled by blockbuster movies that attracted 60 million moviegoers to Cinemark's theaters worldwide, resulting in the highest quarterly box office since the pandemic. CEO Sean Gamble credited "one break-out hit after the next" for driving the surge in attendance, underscoring that "movie-going begets movie-going."

Cinemark's domestic and international markets both showed significant recovery compared to pre-pandemic levels in 2019. Domestic admissions revenue climbed 3.7% year-over-year, while international admissions outpaced the Latin American industry by 800 basis points.

In addition to the strong film slate, Cinemark's strategic initiatives, such as expanding food and beverage offerings and premium formats like Luxury Lounger recliners, contributed to the robust performance. The company achieved all-time high food and beverage per capita of $7.97 in the U.S. and $6.08 globally.

Cinemark's net income was also boosted by a $42.7 million tax benefit primarily related to the partial release of valuation allowances previously recorded in the U.S. The company reported adjusted EBITDA of $220.5 million, up 12.1% from the prior-year quarter, with a robust 23.9% margin.