BofA warns Fed risks policy mistake with early rate cuts
MILWAUKEE - Marcus Corporation (NYSE:MCS) reported fourth quarter earnings that fell short of analyst expectations, sending shares down 9.1% in trading following the release. The company, which operates movie theaters and hotels, posted earnings per share of $0.03, missing the consensus estimate of $0.06.
Revenue for the quarter came in at $188.3 million, surpassing analyst projections of $176.17 million and representing a 16.6% increase from $161.5 million in the same period last year. Despite the revenue beat, investors appeared focused on the earnings miss.
Marcus Theatres, the company’s movie theater division, saw revenues jump 22.9% to $121.2 million in Q4 compared to the prior year. Same store admission revenues increased 15.4%, while attendance rose 29.1%. However, average ticket prices declined 10.6% due to promotional pricing aimed at driving long-term attendance growth.
The company’s hotel division, Marcus Hotels & Resorts, reported a 5.4% increase in Q4 revenues to $57.6 million. Revenue per available room (RevPAR) grew 3.6% at comparable company-owned hotels.
"Our fourth quarter and full year results were a testament to the continued operational excellence by our associates at Marcus Theatres and Marcus Hotels & Resorts," said CEO Gregory S. Marcus.
For the full fiscal year 2024, Marcus Corporation reported a net loss of $7.8 million, compared to net earnings of $14.8 million in fiscal 2023. The company noted its results were negatively impacted by debt conversion expenses related to convertible senior notes repurchases.
Looking ahead, management expressed optimism about the film slate for 2025, highlighting anticipated releases like "Mission Impossible: The Final Reckoning" and "Avatar: Fire and Ash."
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.