Cinemark reports record $922M revenue, 60M moviegoers in Q3

Cinemark Holdings (NYSE:CNK) announced a milestone third-quarter revenue of $922 million for 2024, marking a 5% increase from the same period last year and surpassing Wall Street's expectations.

Analysts surveyed by Zacks Investment Research had projected revenue of $891.7 million, which the company exceeded due to strong consumer demand for theatrical experiences.

The company's quarterly performance showcased significant profitability, with a net income of $189 million and adjusted EBITDA of $221 million.

During the quarter, Cinemark reported earnings of $1.19 per share, which more than double the 58 cents per share that analysts had anticipated.

Cinemark attributed its strong financial results to a robust quarter marked by high attendance and increased spending on food and beverages.

Meanwhile, the company entertained a record 60 million moviegoers worldwide and achieved unprecedented per capita food and beverage sales during the quarter.