Movie theater company AMC Entertainment Holdings AMC reported third quarter financial results after the market close Tuesday. Here are the key highlights for investors.
What Happened: AMC reported third-quarter revenue of $968.4 million, up 26.9% year-over-year. The revenue total beat a Street estimate of $961.1 million, according to data from Benzinga Pro.
The company reported a loss of 20 cents per share in the third quarter, beating a Street estimate of al loss of 24 cents per share.
“Exactly as anticipated and foreshadowed on our last quarterly earnings call, our third quarter results were impacted by a particularly soft industry-wide box office in the latter two-thirds of the 2022 third quarter, but encouragingly our overall per-patron metrics for both admissions revenue and food and beverage spending remain well above pre-pandemic levels,” AMC CEO Adam Aron said.
The company ended the third quarter with $895.8 million in available liquidity.
AMC said it has sold 14.9 million shares of its AMC Preferred Equity Units APE and raised proceeds of $36.4 million.
What’s Next: For the upcoming fourth quarter, Aron highlighted a release he said earlier this year will be one of the strongest of 2022 for the movie theater industry.
“Our recovery continues, and we look forward with enthusiasm to a return to a more robust film slate in the fourth quarter of 2022, which has already started strong with the release of 'Black Adam,'” Aron said.
“That movie had the highest opening weekend box office of all-time for a film starring Dwayne Johnson.”
Aron highlighted the upcoming launches of “Black Panther: Wakanda Forever” and “Avatar: The Way of Water” as two of the biggest releases in the fourth quarter.
“Beyond our ongoing operating recovery, AMC has been strengthened by our recent capital market activities, notably debt reduction, debt refinancing, and equity capital raising.”
Aron also highlighted a partnership with Zoom Video Communication ZM announced Monday.
“We expect to make more business development announcements in the coming weeks and months, which along with an improving movie theatre sector positions AMC Entertainment to create value for all our stakeholders.”
AMC Price Action: AMC shares are down 5% to $5.30 in after-hours trading Tuesday.
Read Next: AMC Analyst Earnings
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