The largest movie theater operator in the United States reported second-quarter earnings Monday afternoon.
What Happened: Revenue for AMC Entertainment Holdings AMC was $444.7 million, beating the $375.3 million estimate from analysts.
The company reported a loss of 71 cents per share, which came in ahead of estimates of a loss of 93 cents per share.
The second quarter saw a big bump in comparable revenue as the majority of locations were closed in last year’s second quarter during the pandemic. Six-month revenue for the company is $593 million, down 38% year-over-year.
Over 22 million guests attended a movie or event at an AMC location in the second quarter.
“Fortunately for us, as guests returned to our theaters, they splurged on our food & beverage offerings, which admittedly is quite a high-margin business,” CEO Adam Aron said.
The company ended the second quarter with 593 domestic theaters open and 335 international locations open, nearing 100% of theaters completely reopened. AMC has over 10,500 screens worldwide from over 950 theaters.
What’s Next: AMC continued to raise money to support its recovery and operations post-pandemic. The company ended the quarter with $1.8 billion in cash and over $2 billion in liquidity when counting cash and undrawn revolving lines of credit. This amount is double the previous high in the company’s 100+ year history for liquidity.
“We believe this gives AMC financial staying power to navigate boldly amidst coronavirus waters,” Aron said.
The CEO cautioned that the pandemic is not finished and the company is “not out of the woods” when it comes to risks.
AMC Price Action: Shares of AMC closed Monday up 3% to $33.80.
AMC shares are up 9.4% to $36.99 in after-hours trading
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.