On November 3, 2023, Cinemark Holdings Inc (CNK, Financial) released its earnings report for the third quarter of 2023. The company reported a record third quarter revenue of $875 million, a 35% increase year-over-year and a 6% increase compared to the third quarter of 2019. The company also reported a net income of $91 million and an Adjusted EBITDA of $197 million, a third quarter record high.
Financial Highlights
For the three months ended September 30, 2023, Cinemark's total revenue increased 34.5% to $874.8 million compared with $650.4 million for the same period in 2022. Admissions revenue increased 36.7% to $443.8 million and concession revenue increased 34.0% to $339.8 million, driven by a 27.9% increase in attendance to 61.9 million patrons. The company's net income for the three months ended September 30, 2023 was $90.2 million compared with a loss of $(24.5) million for the same period in 2022.
For the nine months ended September 30, 2023, Cinemark's total revenue increased 30.9% to $2,427.8 million compared with $1,855.0 million for the same period in 2022. The company's net income for the nine months ended September 30, 2023 was $206.2 million compared with a loss of $(171.9) million for the same period in 2022.
Company's Performance and Future Outlook
Sean Gamble, Cinemark President and CEO, stated,
Our third quarter results once again reflect the significant impact of our team’s dedication and skilled operating discipline, as well as the meaningful advancements of our strategic initiatives. As we assess the fundamental drivers of our industry’s and company’s long-term health and prosperity – particularly consumer behavior trends, key indicators for new release volume recovery over time, and the significant range of incremental revenue and productivity opportunities that are fully within our control – we remain highly optimistic about the future."
As of September 30, 2023, the company's aggregate screen count was 5,765, and the company had commitments to open 4 new theatres and 41 screens over the next two years.
The company's balance sheet was further strengthened by generating $50 million of Free Cash Flow and increasing quarter-end cash balance to $806 million. This financial stability positions Cinemark Holdings Inc (CNK, Financial) well for future growth and prosperity.
Explore the complete 8-K earnings release (here) from Cinemark Holdings Inc for further details.
