Cinemark posts record Q3 revenue of $1.1 billion, shares up 4%
Premium large format box office rose 50% year over year, helping Cinemark to its best-ever third quarter, according to Deadline.
Cinemark reported revenue of $1.1 billion for the three months ended in September, its best-ever third quarter and a 23% increase year over year, according to Deadline. Shares in the chain rose about 4% in premarket trading after the earnings report.
Premium large format box office, which includes XD, Imax and ScreenX, rose 50% year over year and beat the chain's prior record by 20%. Admission revenue climbed to $530.8 million from $429.7 million, while attendance grew to 37.4 million from 33.2 million and the average ticket price was $11.16 versus $10.50.
Concessions revenue rose to $414 million from $337 million, with revenue per patron of $8.66 versus $8.20. Net income reached $123 million, or earnings per share of $1.04, up from $49.5 million, or $0.40.
Cinemark invested $70 million in capital expenditures last quarter and $170 million year to date, with full-year investment expected at about $250 million. The company generated $136 million of cash from operations and $66 million of free cash flow, ending the quarter with $556 million of cash.
President and CEO Sean Ganble said the company remains confident in its long-term growth prospects. Cinemark is hosting an earnings call at 8:30 am ET.
Quick answers
What was Cinemark's revenue in the third quarter?
Cinemark reported revenue of $1.1 billion for the three months ended in September, up 23% year over year.
How did Cinemark shares react to the earnings report?
Cinemark shares rose about 4% in premarket trading after the report.
How many people attended Cinemark theaters last quarter?
Attendance grew to 37.4 million from 33.2 million a year earlier.