Cinemark, a major movie theater chain, reported a 28% increase in revenue for the fourth quarter, reaching $814.3 million, surpassing Wall Street’s expectations of $797.7 million. However, earnings per share were 33 cents, below the anticipated 41 cents. This quarter’s earnings were a significant improvement from last year’s loss of 15 cents per share. The company highlighted strong box office performances from family-oriented films like “Moana 2,” “Wicked,” “Mufasa,” and “Sonic 3.” Despite these gains, the industry’s annual revenue of $8.8 billion remains below pre-COVID levels due to the lingering effects of the 2023 Hollywood strikes and a general decline in moviegoing. Cinemark, however, showed signs of recovery by reinstating its shareholder dividend at $0.32 per share, payable on March 19. For the full year, Cinemark’s revenue was $3.05 billion, with admissions revenue down 2% to $1.5 billion and attendance dropping by 4% to 201.1 million.
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