Cinemark, the exhibition giant, has reported impressive financial results for the fourth quarter of 2024. The company saw a record revenue of $814 million, marking a 27 percent increase compared to the previous year and surpassing the pre-COVID pandemic fourth-quarter figures. Additionally, Cinemark swung to a fourth-quarter profit of $51.3 million, a significant improvement from the year-ago loss of $18.0 million.
Quarterly adjusted EBITDA for Cinemark stood at $156.9 million, more than double the $79.6 million reported in the same period last year. The company attributed its strong performance to a lineup of successful theatrical releases, including fan favorites like “Wicked,” “Moana 2,” “Gladiator II,” and “Venom: The Last Dance.”
CEO Sean Gamble highlighted the enduring appeal of shared cinematic experiences provided by movie theaters, which was evident in the North American industry’s box office revenue surpassing expectations at around $8.8 billion. He emphasized Cinemark’s disciplined operational execution and strategic initiatives as driving forces behind the company’s solid financial results.
Admissions revenue for Cinemark in the fourth quarter saw a significant increase of 26.1 percent to $406.5 million, while concession revenue jumped by 29.0 percent to $313.4 million. The company also achieved an all-time high food and beverage per capita of $5.96 for the full year 2024.
With a worldwide average ticket price of $7.97 and concession revenue per patron at $6.15, Cinemark’s performance metrics reflect its strong market presence and customer engagement. Domestically, the average ticket price saw a slight increase to $10.39 in the latest quarter, signaling continued consumer interest in theatrical experiences.
In terms of patron attendance, Cinemark hosted 32.6 million patrons in the U.S. during the fourth quarter, a notable increase from the year-ago figure of 26.2 million. Globally, the number of patrons rose from 40.6 million to 51.0 million, showcasing the company’s widespread appeal.
Cinemark, headquartered in Plano, Texas, operates a vast network of theaters globally, with a significant presence in the U.S. and South and Central American countries. With approximately 500 theaters and over 4,300 screens, the company remains a major player in the entertainment industry.
Looking ahead, CEO Sean Gamble hinted at potential deal opportunities on the horizon, suggesting that more attractive prospects could emerge in the near future. Cinemark’s robust performance and positive outlook position it well for future growth and value creation for shareholders.
In conclusion, Cinemark’s stellar financial performance in the fourth quarter of 2024 underscores its resilience and adaptability in the ever-evolving entertainment landscape. As audiences continue to embrace the magic of cinema, Cinemark remains a key player in delivering unforgettable cinematic experiences worldwide.