Cinemark joined a parade of U.S. exhibitors reporting strong Q3 earnings this week. Quarterly revenues for the Texas-based circuit came in at $874.8 million, 35% higher than the same quarter in 2022. Wall Street forecasters had expected Cinemark to earn $839 million.
Much of the windfall came in a “record-breaking” month of July, the richest month for domestic box office in the company’s 39-year history. July releases with impact began with the release of SOUND OF FREEDOM on July 4th and continued with the much-ballyhooed openings of BARBIE and OPPENHEIMER on July 21st.
Other noteworthy details include $443.8 million of quarterly revenue from box office admissions while $339.6 million came from concession sales. Cinemark’s net income rose to $90.2 million, whereas last year’s third quarter produced a net loss of $24.5 million.
Of the three largest U.S. exhibitors, Cinemark has been the most disciplined in its financial management. By taking a relatively selective approach in theatre acquisitions before the pandemic, the company was not burdened with a large amount of debt when theatres were forced to shut down, unlike its competitors AMC and Regal.
Cinemark CEO Sean Gamble concluded the company’s third-quarter earnings call on an upbeat note, saying that “record-setting results quarter after quarter, across all genres of films for more than two years… demonstrate[s] consumer enthusiasm for shared, larger-than-life cinematic experiences remains strong and vibrant.”