Entertainment
AMC Entertainment was in the red last quarter, but the situation reversed in June
Movie theater giant AMC Entertainment saw its profits fall in the second quarter as fewer movies were shown due to strikes by Hollywood actors and writers. But CEO Adam Aron said the worst and the surge that began in June are continuing.
In its preliminary results, released ahead of its official quarterly earnings release, the company said total revenue for the quarter ended June 30 fell to just over $1 billion from $1.359 billion a year ago, due to weak moviegoing in April and May. As a result, AMC posted a loss of $32.8 million, compared with a profit of $8.6 million in the 2023 quarter.
EPS of -10 cents versus -6 cents and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $29.4 million, well below $182.5 million.
Cash and cash equivalents were $770 million.
“As we accurately anticipated and previously announced, the prolonged 2023 actors’ and writers’ strikes have significantly reduced the number of films released in theaters in the first few months of 2024. This explains the weakness in our preliminary second quarter 2024 results, compared to the same quarter last year,” said CEO Adam Aron.
“But if we look at the quarter as a whole, the casual observer may miss some very good news that occurred in the second quarter. Finally, movie theater attendance appears to be on an upward trajectory again.”
He said AMC saw a significant increase in daily revenue in June compared to April and May, leading to a positive trend in financial results in June.
“So far, the impressive box office performance has continued in July. And AMC remains confident that theatrical revenues for the second half of 2024, as well as 2025 and 2026, will continue to show increasing strength.”
He will hold a conference call after the results on August 2.
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