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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.