Cinemark and Marcus announced third-quarter earnings this week, with both exhibitors reporting better-than-expected performance. These results from the third and fourth largest exhibitors in the U.S. indicate just how strong the summer box office was for cinemas, with higher-than-expected totals from INSIDE OUT 2, DESPICABLE ME 4, TWISTERS, IT ENDS WITH US and especially DEADPOOL & WOLVERINE.
Last year’s extended labor strikes from writers and actors had the effect of postponing a number of key theatrical releases, which were originally scheduled to open in the first half of 2024. On the one hand, this created a challenging beginning to the year. On the other hand, their bounty was only delayed until the second half of the year, with their fruit now being harvested.
Cinemark’s Q3 earnings showed positive signs across all major metrics. The Dallas-based exhibitor posted the highest Q3 revenue in the company’s history, earning $921.8 million in total revenue and $187.8 million in profit, over twice the profit it earned in the third quarter of 2023.
These results were powered both by ticket sales, which were at their highest levels since the pandemic, and concession sales. Cinemark’s “per cap” production, which measures how much each moviegoer spends on concessions, reached an all-time high of $7.97 per patron.
During the company’s Q3 earnings call with investors, Cinemark CEO Sean Gamble said proudly that these positive results “are the byproduct of years of discipline, capital deployment…and careful navigation of our industry’s recovery from the pandemic.”
Marcus Theatres’ Q3 earnings told a similar story, with strong Q3 earnings that outperformed last year across all metrics. Marcus’ box office grew by 7%, concession sales per patron grew by 7.9% and total revenue increased by 13.6%.
Marcus President Mark A. Gramz attributed his company’s strong performance to the number of new movies, saying that there were “more wide release films to play, with 30 wide release films this year compared to 24 wide releases last year.” Marcus produced a quarterly profit of $38 million.