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AMC stock rises after Q2 earnings beat and record revenue
AMC reported record quarterly revenue of $1.6 billion and generated $190 million in free cash flow, helping strengthen its balance sheet.
AMC Entertainment shares extended gains after the company reported a strong Q2 earnings release that topped Wall Street expectations, with EPS of $0.14 versus expectations for a $0.02 loss. Revenue climbed to an all-time high of $1.6 billion, which the company attributed to a major box-office revival that drew more than 71 million moviegoers worldwide.
AMC said it posted its most profitable quarter in over a century, ending fiscal Q2 with $321 million in adjusted EBITDA, up about 70% year over year. The company also cited a 20.1% expansion in consolidated EBITDA margins.
The Q2 update also improved cash generation, as AMC produced $190 million in free cash flow and ended the quarter with just over $778 million in total cash reserves, though it still recorded a $11.4 million net loss on a GAAP basis.