{"id":82300,"date":"2023-11-08T18:53:47","date_gmt":"2023-11-08T23:53:47","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/amc-swings-to-q3-profit-reports-positive-net-income-for-second-straight-quarter\/"},"modified":"2023-11-08T18:53:51","modified_gmt":"2023-11-08T23:53:51","slug":"amc-swings-to-q3-profit-reports-positive-net-income-for-second-straight-quarter","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82300","title":{"rendered":"AMC swings to Q3 profit, reports positive net income for second straight quarter"},"content":{"rendered":"
\n

AMC Entertainment Holdings Inc. reported third-quarter results that beat top- and bottom-line expectations Wednesday, as the movie-theater chain and meme-stock darling swung to a profit.<\/p>\n

The company swung to net income of $12.3 million, or 8 cents a share, compared with a loss of $226.9 million, or $2.20 a share, in the prior year\u2019s quarter. Excluding nonrecurring items, AMC
\n AMC,
\n -1.27%<\/bg-quote>
\n reported a loss of 9 cents a share. Analysts surveyed by FactSet were looking for a loss of 25 cents a share.<\/p>\n

Related: AMC bonds see bullish activity while meme-stock darling rides the Taylor Swift wave<\/strong><\/p>\n

\n

Revenue grew 45.2% to $1.406 billion, above the FactSet consensus of $1.260 billion. AMC\u2019s adjusted Ebitda was $194 million.<\/p>\n

\u201cFor both revenue and adjusted Ebitda, these were AMC\u2019s most successful third-quarter results in our company\u2019s entire 103-year history, by definition being greater than the third quarter of pre-pandemic 2019,\u201d AMC Chief Executive Adam Aron said in a statement. \u201cFor the second consecutive quarter, AMC reported positive net income, and we ended the quarter with $730 million of cash. This all suggests that we are well underway on our growth path to recovery from the ravages of the COVID pandemic.\u201d<\/p>\n

Related:<\/strong> The \u2018Barbenheimer\u2019 buzz may be over, but consumer enthusiasm for movies is still strong, says Cinemark CEO<\/p>\n

\u201cWhat is perhaps most impressive of all is that our success in the third quarter came at a time when our attendance at the domestic box office in the quarter was still 16% below comparable 2019 levels,\u201d Aron added. \u201cThat success is because our contribution per patron was up 30% versus 2019.\u201d<\/p>\n

Admissions revenue was $797.7 million, above the FactSet consensus of $739 million. Food and beverage revenue was $482.7 million, above the FactSet consensus of $449 million.<\/p>\n

AMC\u2019s stock fell 1.3% in extended trading Wednesday. The company\u2019s shares are down 71.9% in 2023, compared with the S&P 500 index\u2019s
\n SPX
\n gain of 14.2%.<\/p>\n

Related:<\/strong> AMC\u2019s debt-to-equity, late payments, could be \u2018red flags,\u2019 warns Creditsafe<\/p>\n

Speaking during a conference call to discuss the results, Aron said that the short-term impact of the writers\u2019 and actors\u2019 strikes will cause challenges for AMC in 2024. \u201cWithout taking sides \u2026 we strongly encourage all the parties involved to come to the negotiating table with the intent of reaching an agreement immediately,\u201d he said.<\/p>\n

The AMC CEO also discussed the success of Taylor Swift\u2019s record-breaking concert film, which opened Oct. 12. \u201cBoth as distributor and exhibitor, AMC benefited handsomely,\u201d he said, adding that AMC Theatres Distribution is following this success with the release of \u201cRenaissance: A Film by Beyonc\u00e9,\u201d which hits theaters globally Dec. 1. <\/p>\n

\u201cIn working with two of the most admired pop stars on the planet, we already have touched lightning,\u201d Aron added. \u201cWe are optimistic, though, that this will lead to much more ahead \u2026 we believe that we will have several more concert film products in 2024 and 2025. We intend to be working with some of the most known and most loved musical artists the world has ever known.\u201d <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

AMC Entertainment Holdings Inc. reported third-quarter results that beat top- and bottom-line expectations Wednesday, as the movie-theater chain and meme-stock darling swung to a profit. The company swung to net income of $12.3 million, or 8 cents a share, compared with a loss of $226.9 million, or $2.20 a share, in the prior year\u2019s quarter. 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