AMC Entertainment Q2 Net Plunges 49% On 12% Revenue Decline
AMC Entertainment (NYSE: AMC) 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 CEO Gerald Lopez, who added that efforts to improve food operations and boost customer comfort has lead the company to outperform its peers.
Earnings fell to $31.5 million or $0.32 per share, from year-earlier profit of $61.6 million or $0.81 per share. Revenue fell to $68.4 million, from $77.8 million a year earlier.
Wall Street expected earnings of $0.29 per share on revenue of $736.9 million.
The average ticked price increased to $9.50, while admissions revenue fell seven percent to $478.7 million from a year-earlier $515.3 million.
In after-hours trading, AMC was changing hands at $20.50, down 8.9 percent.
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