Cinemark recently revealed its third-quarter earnings on an investor call: $650.4M. That’s up +50% over third-quarter earnings last year, at $434.8M. However, it’s down about -12% from the $744M in the second quarter this year.
Some other key statistics:
- The company’s net loss for the quarter was ($24.5M). That’s about 68% less than the third-quarter net loss last year, at ($77.8M).
- Cinemark cited quarterly numbers of $324.6M in admissions revenue and $253.6M in concession revenue, with concession revenue per patron at $5.24.
- For the year to date, Cinemark has earned $1.85B. That’s up 2.2x over its $843.8M year-to-date earnings last year.
- Also for the year to date, the company has posted a net loss of ($171.9M). That’s about 59% less than last year’s YTD net loss of ($428.5M).
Across the entire industry, the overall Q3 box office was low, with a strong July but an unusually weak August and September.
“While August and September were challenged by a dip in content availability, we are pleased by year-over-year improvements in product flow throughout 2022,” Cinemark President & CEO Sean Gamble said in a press release. “We have high confidence in the ongoing recovery of content and box office as delays caused by COVID fully subside, and studios derive increasing promotional and financial value from theatrical.”
“Furthermore, Cinemark’s performance during the third quarter underscores that our strategies to navigate a highly fluid environment with regard to content, supply chain, and labor dynamics are working,” Gamble continued. “Worldwide revenue for the quarter is up 50% year-over-year, Adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization] is up over 125%, and we continue to expect to have positive free cash flow generation for the full year.”
Cinemark ranked #3 on Boxoffice PRO‘s Giants of Exhibition 2022 ranking of North America’s largest cinema exhibition circuits, with 4,440 screens at 324 locations.