Zinger Key Points
- AMC reports third-quarter revenue of $1.41 billion, up 45.2% year-over-year.
- The company highlighted that the Taylor Swift and Beyonce concert films will impact Q4 results.
Movie theater company and retail trader favorite AMC Entertainment Holdings AMC reported third-quarter financial results after the market close Wednesday.
Here are the key highlights.
AMC’s Q3 Report: AMC reported third-quarter revenue of $1.41 billion, which was up 45.2% year-over-year. The revenue beat a Street consensus estimate of $1.17 billion, according to data from Benzinga Pro.
The company reported a loss of 9 cents per share, which beat a Street consensus estimate of a loss of 38 cents per share.
Adjusted EBITDA was $194 million for the third quarter.
This marked the best third-quarter results for revenue and EBITDA in company history, AMC said.
"It is quite satisfying for AMC to report impressively favorable earnings for the third quarter of 2023, significantly above consensus and market expectations," AMC CEO Adam Aron said.
"This all suggests that we are well underway on our growth path to recovery from the ravages of the COVID pandemic."
Third-quarter attendance totaled 75.58 million customers, which was up 38.4% year-over-year. U.S. attendance (51.52 million) and International attendance (22.05 million) were up 34.4% and 48.5% year-over-year, respectively.
Aron said that while third-quarter attendance was up year-over-year, it remains down around 16% from 2019 levels.
AMC repurchased $24.2 million in second lien notes during the third quarter. The company ended the third quarter with $729.7 million in cash.
Related Link: Trading Strategies For AMC Stock After Q3 Earnings
What's Next For AMC: AMC’s fourth-quarter results will include the impact from the record-breaking Taylor Swift "The Eras Tour" film and the "Renaissance" Beyonce concert film, Aron said.
"We extend our sincerest appreciation to Taylor Swift and Beyonce Knowles-Carter, and we are optimistic that we can continue to collaborate with these and other globally renowned musical artists in 2024 and beyond," Aron said.
Aron described the third-quarter results are "encouraging," but said challenges remain ahead from the impact of the Hollywood strike.
"The short-term impacts of the Writer's and Actor's strike will cause additional and needless challenges for AMC in 2024."
AMC Price Action: AMC shares are trading slightly higher to $10.12 in after-hours trading versus a 52-week trading range of $7.05 to $91.45.
Read Next: AMC Earnings Preview: Crucial Q3 Results Could Signal Shift From Meme Frenzy To Mainstream
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