AMC Entertainment Holdings, Inc. (NYSE:AMC) jumped 16% in premarket trading on Monday after reporting record second-quarter revenue and a surprise adjusted profit. Revenue reached $1.60 billion, compared with the $1.47 billion expected by ***** ysts, while adjusted earnings came in at 14 cents per share instead of the expected 6-cent loss.
The quarter provides the strongest evidence yet that movie theaters are recovering from the pandemic and Hollywood labor disruptions. Whether that recovery translates into lasting value for AMC shareholders is a more complicated question.
In detail, AMC's revenue increased 14.2% from a year earlier to $1.60 billion. Adjusted EBITDA climbed nearly 70% to $321.4 million, marking the first time the company generated more than $300 million of adjusted EBITDA in a single quarter. The company's adjusted EBITDA margin expanded to 20.1% from 13.6% a year earlier.
Attendance increased 13.5% to 71.3 million customers during the quarter. U.S. attendance rose 12%, while international attendance increased 17.9%. Admissions revenue advanced to $863.1 million, and food and beverage revenue climbed to $576.1 million.
The broader domestic box office grew 10.7% to approximately $2.99 billion during the quarter, its best performance in seven years. AMC's domestic revenue increased 13%, suggesting the company grew slightly faster than the overall market.
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The quarter provides the strongest evidence yet that movie theaters are recovering from the pandemic and Hollywood labor disruptions. Whether that recovery translates into lasting value for AMC shareholders is a more complicated question.
In detail, AMC's revenue increased 14.2% from a year earlier to $1.60 billion. Adjusted EBITDA climbed nearly 70% to $321.4 million, marking the first time the company generated more than $300 million of adjusted EBITDA in a single quarter. The company's adjusted EBITDA margin expanded to 20.1% from 13.6% a year earlier.
Attendance increased 13.5% to 71.3 million customers during the quarter. U.S. attendance rose 12%, while international attendance increased 17.9%. Admissions revenue advanced to $863.1 million, and food and beverage revenue climbed to $576.1 million.
The broader domestic box office grew 10.7% to approximately $2.99 billion during the quarter, its best performance in seven years. AMC's domestic revenue increased 13%, suggesting the company grew slightly faster than the overall market.
#billion
2 months ago
