Regal Owner Cineworld Year-to-Date Revenue Rises, Driven by U.S.

Cineworld cinema - H 2013

Strength in the U.S. included the success of 'Black Panther,' 'Avengers: Infinity War,' 'Mission: Impossible Fallout' and 'Venom.'

Movie theater giant Cineworld Group, which earlier this year completed its $3.6 billion acquisition of Regal Entertainment Group, on Thursday reported higher revenue for the year-to-date period, led by a strong U.S. performance.

The largest cinema operator in the U.K. said its worldwide revenue for the year through Nov. 11 rose 11.6 percent over the same period last year, with the U.S. up 13.2 percent, the U.K. and Ireland up 7.1 percent (or 2.1 percent assuming constant currencies) and the rest of the world up 6.6 percent (or 2.2 percent assuming constant currencies).

Cineworld said it was on track to report financials in line with its previous forecast for the year.

Admissions for the year to-date increased by 5.9 percent, "driven by a strong film slate in the U.S.," the company said. The strength in the U.S. included the success of Black Panther and Avengers: Infinity War in the first half of 2018 and Mission: Impossible Fallout, Ant-Man and the Wasp and Venom in the second half.

"The expected plans for Regal are progressing well with management continuing to review further opportunities for integration benefits," Cineworld said.

Meanwhile, Cineworld said its European markets "saw an uplift in performance in the second half of the year," driven by Mamma Mia! Here We Go Again, Incredibles 2 and Bohemian Rhapsody in the U.K. But one analyst said the performance in the U.K. and other parts of Europe was slightly weaker than expected. 

Cineworld's stock was down 4 percent in mid-day London trading.