Marcus Corp. (MCS) shares soared over 10% in pre-market trading on Wednesday, October 31, 2024, after the company reported record third quarter fiscal 2024 results 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 same period last year. Net earnings surged 90.6% to $23.3 million, while adjusted EBITDA jumped 23.5% to $52.3 million.
The company's Marcus Theatres division saw revenue rise 13.6% and operating income soar 91.3%, outperforming the industry by a wide margin. 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.
Marcus Hotels & Resorts 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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