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Marcus Corp reported a robust performance in Q3 2023, with revenues reaching $208.8 million, marking a 13.7% increase from the $183.7 million recorded in Q3 2022. The company’s net earnings skyrocketed by 272% to $12.2 million, while operating income and adjusted EBITDA also saw significant increases of 133.9% and 51.9%, respectively.
In the same period, the Marcus Theatres division posted total revenues of $126.6 million, a substantial 25% increase from the previous year, and an operating income of $11.4 million. This is a notable recovery from an operating loss of $0.7 million in Q3 2022, along with an adjusted EBITDA of $26.7 million.
Marcus Hotels & Resorts also showed progress with a 4.1% increase in comparable hotel revenues before cost reimbursements from Q3 2022. RevPAR increased at six out of seven comparable hotels during Q3 2023.
The company’s financial position remained strong with $256.7 million in cash and revolving credit availability at the end of Q3 2023. Marcus Corp also secured a new five-year revolving credit facility worth $225 million due in October 2028, which replaced the previous facility set to mature in January 2025.
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