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AMC shares jump on record quarterly revenue and surprise adjusted profit
Theater chain reported $1.60 billion in revenue, topping analysts’ $1.47 billion estimate, and generated $321.4 million of adjusted EBITDA, up nearly 70% year over year.
AMC Entertainment Holdings shares rose 16% in premarket trading after the company posted record second-quarter revenue and a surprise adjusted profit, according to Yahoo Finance.
AMC reported revenue of $1.60 billion versus the $1.47 billion expected by analysts. Adjusted earnings were 14 cents per share, after analysts had expected a 6-cent loss.
The quarter showed broader operating gains, with revenue up 14.2% year over year to $1.60 billion and adjusted EBITDA climbing nearly 70% to $321.4 million. The adjusted EBITDA margin expanded to 20.1% from 13.6%, while attendance rose 13.5% to 71.3 million customers, with U.S. attendance up 12% and international up 17.9%.
Despite the improvement, AMC still posted a GAAP net loss of $11.4 million, compared with a $4.7 million loss a year earlier. Yahoo Finance said the difference between AMC’s $104.3 million adjusted profit and its GAAP loss was mainly driven by $51.1 million in marked-to-market derivative losses and $63.1 million in debt-extinguishment losses.