Cinemark resumes dividends after five years, posts mixed Q4

Cinemark (NYSE:CNK) on Wednesday reported mixed results for the fourth quarter, and the cinema chain resumed its dividend payouts after nearly five years of hiatus.

Shares of the company were down 6% premarket but pared all those losses ahead of the opening bell.

The company said it will pay out an annual dividend of 32 cents per share, which equates to a quarterly dividend of 8 cents. The first quarterly dividend will be payable on March 19; to shareholders of record on March 5.

In the fourth quarter, the company saw 51M moviegoers, driven by strong domestic box office. For the full-year, the chain achieved "an all-time high" food and beverage per cap of $5.96.

“The enduring and timeless consumer appeal of shared, cinematic experiences that movie theaters uniquely provide was reinforced once again in 2024 as North American industry box office of approximately $8.8 billion far exceeded expectations and delivered multiple all-time records," CEO Sean Gamble said in a statement.

Net income for the three months ended December 31 was $51.3M, compared with a loss of $18M for same period last year.

On a per-share basis, the Plano, Texas-based movie theater chain earned 33 cents, missing the average analyst estimate by 8 cents.

Revenue of $814.3M was up 27.5% from last year and beat the consensus estimates. Adjusted EBITDA in Q4 was $156.9M.