Movie theater owner Cinemark Holdings reported first-quarter revenue of $572.9 million for the three months ended March 31, down 5 percent from $610.8 million in the prior year.
That beat a Wall Street analysts estimate for overall revenue at $558.2 million. Overall attendance fell to 40.0 million patrons across its global footprint, down from 42.9 million customers in 2023. Admissions revenue came in at $289.8 million, down 6.8 percent from $311.0 million, and concession revenue also fell 5 percent to $224.2 million from a year-earlier $235.8 million.
The company reported a net profit of $24.8 million, compared to a loss of $3.1 million in the prior year, though, helped by a gain of $27.7 million from an income tax benefit due to valuation allowances. The diluted earnings per share was 19 cents, against a per share loss of 3 cents last year. That beat an analysts estimate for a loss of 21 cents per share.
During the latest quarter, Cinemark in the face of post-Hollywood strikes headwinds saw top box office performance from Hollywood titles like Dune: Part Two and Kung Fu Panda 4. Cinemark CEO and president Sean Gamble in a statement accompanying first-quarter results said North American industry box office so far this year had declined “only modestly versus 2023 despite last year’s strike-induced headwinds.”
Gamble added: “Outsized results across a wide array of diverse films provide further validation that consumer enthusiasm for experiencing compelling content in an elevated, cinematic, theatrical setting remains robust.
Cinemark’s stock rose by 87 cents, or 5 percent, to $18.30 in pre-market trading on Thursday.