AMC Entertainment Q2 Net Plunges 49% On 12% Revenue Decline

AMC Entertainment Holdings Inc.

beat second-quarter profit estimates although earnings plunged 49 percent on a 12 percent dip in revenue. The movie theater operator, said it entered the second half of 2014 with "building momentum," according to Chief Executive Gerald Lopez, who added that efforts to improve food operations and boost customer comfort has lead it to outperform its peers. Earnings fell to 31.5 million or $0.32 cents a share, from year-earlier profit of $61.6 million or $081 cents a share. Revenue fell to $68.4 million from $77.8 million a year earlier. Wall Street expected earnings of $0.29 cents a share on revenue of $736.9 million. The average ticked price increased to $9.50 while admissions revenue fell 7 percent to $478.7 million from a year-earlier $515.3 million. In after-hours trading, AMC was changing hands down 2.3 percent at $22 a share.