Cineplex Reports Strong Financial Results As Movie Attendance Rebounds

Canadian movie theatre chain Cineplex (CGX) has reported strong financial results for the fourth quarter of 2024 as movie theatre attendance continues to recover after the pandemic.The Toronto-based company announced earnings per share (EPS) of $0.05, which compares to a loss of -$0.14 a year earlier. Revenue in the period totalled $362.7 million, up from $315.1 million in the last three months of 2023. Sales increased 15% year-over-year. Cineplex said that box office revenue per movie theatre patron during Q4 2024 amounted to $13.26, up from $12.90 in the same quarter of 2023.At the same time, sales from concession stands increased to $9.41, up from $9.28 a year ago.Cineplex also said that its box office revenue for January of this year totalled $37.5 million, which was near the $37.6 million achieved in January 2024.The latest results are an improvement for the company after several difficult years prompted by the Covid-19 pandemic that saw many of its movie theatres shuttered or forced to operate at reduced capacity. The stock of Cineplex has risen 38% over the past 12 months to trade at $10.88 per share.