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Jul 01, 2021
Marcus Q2 2021 Earnings Report
Marcus Theatres and Marcus Hotels & Resorts outperformed their respective industries, and the company returned to positive cash flow in June as recovery from the pandemic continued.
Key Takeaways
The Marcus Corporation reported improved operating performance in Q2 2021 as they emerge from the pandemic. Both Marcus Theatres and Marcus Hotels & Resorts outperformed their respective industries. The company achieved positive company-wide adjusted EBITDA for the month of June.
Marcus Theatres outperformed the industry by nearly 4 percentage points during the fiscal 2021 second quarter.
Marcus Hotels & Resorts again outperformed the industry and its competitive sets by approximately 4 and 7 percentage points, respectively, for the second quarter fiscal 2021.
The company's financial position remains strong, with $210 million in cash and revolving credit availability at the end of the fiscal 2021 second quarter.
97% of Marcus Theatres are open.
Forward Guidance
The film slate for the remainder of 2021 is expected to be very strong.
Positive Outlook
- Consumers seeking more opportunities for entertainment outside of the home.
- Milwaukee Bucks eight-week NBA championship playoff run contributed to occupancies at the company’s three Milwaukee hotels in June and July.
- Group bookings for the Ryder Cup, which is currently scheduled for late September, showcasing larger events are continuing to make a comeback.
- Banquet and catering booking pace has benefited from increases in wedding bookings.
- The company was selected to manage the Coralville Hotel & Conference Center in Coralville, Iowa, effective August 18, 2021.
Challenges Ahead
- It will take some time to return to pre-pandemic levels.
- Group booking pace for fiscal 2021 and fiscal 2022 remains behind prior years.
- Banquet and catering booking pace, while also behind pre-pandemic levels.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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