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Sep 30, 2021
Marcus Q3 2021 Earnings Report
Returned to profitability in Q3 2021 with significant outperformance in both Theatres and Hotels & Resorts divisions.
Key Takeaways
The Marcus Corporation reported positive net earnings and Adjusted EBITDA for the third quarter of fiscal 2021, driven by strong performance in both Marcus Theatres and Marcus Hotels & Resorts. The company's diversified business model, lower debt, and real estate ownership contributed to a faster-than-anticipated return to profitability.
The company reported nearly $25 million in Adjusted EBITDA.
Marcus Theatres returned to positive Adjusted EBITDA for the first time since the pandemic began.
Marcus Theatres outperformed the industry by nearly 8 percentage points.
Marcus Hotels & Resorts outperformed the industry by approximately 14 percentage points.
Forward Guidance
The company is optimistic about the continuing rebound in the movie theatre industry and anticipates business travel will continue to gradually return. Increased booking activity has extended into the fourth quarter of fiscal 2021.
Positive Outlook
- Film studios continued to release exciting new films.
- Guests are continuing to enjoy the moviegoing experience.
- Growing number of studios who have publicly recognized the importance of the exclusive theatrical window to the success of their films.
- Momentum continued into October, as the division experienced its best month at the box office in the COVID era.
- Highly anticipated new films scheduled for release in the remainder of the fourth quarter of fiscal 2021.
Challenges Ahead
- Traditionally slower winter months.
- Group booking pace for fiscal 2022, while still behind the pre-pandemic pace.
- 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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