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Editor’s Note: This article has been corrected to clarify that the second quarter began slowly due to the impact of the 2023 Hollywood writers and actors strikes but ended strongly.
Movie theater chain AMC Entertainment Holdings Inc (NYSE:AMC) reported its second-quarter financial results after the market closed on Friday.
Here's what traders and investors need to know.
What Happened: AMC Entertainment reported quarterly losses of 43 cents per share, which met the analyst consensus estimate. The company reported quarterly sales of $1.03 billion, which met the analyst consensus estimate.
This sales figure represents a 23.5% decrease over sales of $1.35 billion in the same period last year, according to data from Benzinga Pro.
Adam Aron, Chairman and CEO of AMC Entertainment, noted that “the second quarter started slowly” due to the impact of the 2023 Hollywood writers and actors strikes but ended strongly with the success of Disney’s “Inside Out 2,” which became the highest-grossing animated movie ever.
This resulted in AMC experiencing a significant contrast between a slow start and a record-setting end to the quarter. In June 2024, AMC achieved its highest-ever June Adjusted EBITDA. The momentum continued into July with hits like “Despicable Me 4,” “Twisters,” and the opening of “Deadpool & Wolverine,” which led to record-breaking opening weekend attendance and revenue for a rated-R movie.
Read Also: AMC Entertainment Shares Drop Ahead Of Rare Friday After-Hours Earnings Report
What's Next: Aron expressed optimism for the future, citing a strong slate of blockbuster releases through 2025 and 2026, and the completion of capital market transactions that extended debt maturities, providing a financial runway for many years.
AMC’s capital market transactions extended the maturities of up to $2.45 billion in debt from 2026 to 2029 and 2030. Aron highlighted this extension, coupled with a strong future film slate, has given AMC a more secure financial footing.
Aron concluded with a positive outlook on AMC's ability to thrive as both the company and the broader industry continue to recover.
Price Action: AMC shares are up 3.2% to $5.10 in after-hours trading. The stock has a 52-week high of $54.60 and a 52-week low of $2.38.
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Image: Shutterstock/ Ian Dewar Photography
Posted In: AMC
