Reading International ( (RDI) ) has released its Q4 earnings. Here is a breakdown of the information Reading International presented to its investors.
Reading International, Inc., a diversified cinema and real estate company, operates in the United States, Australia, and New Zealand, engaging in the development, ownership, and operation of cinemas and real estate assets.
In its latest earnings report, Reading International announced a significant improvement in its fourth quarter 2024 results compared to the previous year, driven by strong cinema and real estate performance despite challenges from the 2023 Hollywood strikes.
The company reported a 29.3% increase in total revenues for Q4 2024, reaching $58.6 million, and turned last year’s operating loss into a $1.5 million operating income. Net loss was reduced to $2.2 million, and adjusted EBITDA improved significantly to $6.8 million. However, the full year 2024 results showed a decline in total revenues by 5.5% to $210.5 million due to earlier disruptions in the film release schedule.
Reading International’s real estate division also showed strong performance, with a 14% increase in Q4 revenues and a significant rise in operating income. The company continues to leverage its real estate assets to support liquidity and reduce debt, having sold several properties, including its Wellington, New Zealand assets, with plans for further asset monetization.
Looking ahead, Reading International anticipates a stronger 2025 with the release of highly anticipated films, while continuing to focus on debt reduction and leveraging its real estate portfolio to support its cinema operations.