AMC Entertainment Holdings, Inc AMC reported second-quarter FY23 revenue growth of 15.6% year-on-year to $1.35 billion, beating the consensus of $1.29 billion.
Overall attendance improved by 12.2% Y/Y to 66.4 million. U.S. markets attendance increased by 15% Y/Y to 50 million. International markets attendance grew by 4.6% Y/Y to 16.3 million.
Average screens fell 2.7% year-on-year to 9,879 from 10,148.
Adjusted EPS of $(0.00) beat the consensus loss of $(0.04). Adjusted EBITDA improved by $75.8 million to $182.5 million.
AMC used $(13.4) million in operating cash flow, down from $(76.6) million a year ago. AMC held $435.3 million in cash and equivalents.
The adjusted net loss was $(6.6) million compared to an adjusted net loss of $(102.8) million.
Adam Aron, Chairman and CEO of AMC said, “The third quarter of 2023 is off to an explosive start with BARBIE, OPPENHEIMER, MISSION IMPOSSIBLE - DEAD RECKONING PART ONE, and SOUND OF FREEDOM, among others, combining to cause July to become the highest monthly revenue in AMC’s storied 103-year history. There are so many more engaging movie titles to enjoy at AMC theatres later this year, and we can’t wait to welcome moviegoers to our nearly one thousand theatres in the U.S., Europe, and the Middle East.”
Price Action: AMC shares traded higher by 3.52% at $5.30 premarket on the last check Tuesday.
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