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AMC Entertainment Holdings (NYSE:AMC) gained in early trading on Tuesday after topping consensus estimates with its Q2 earnings report.
The movie theater operator knocked out a four-year high for revenue in Q2 with $1.35B (+16% year-over-year) and noted that it is on a glide path for eventual recovery. Attendance was up 15.0% year-over-year in the U.S. and was 4.6% higher for international markets. Adjusted EBITDA for the quarter was $182.5M vs. $153.3M consensus and the $106.7M tally from a year ago.
“One area that has far exceeded pre-pandemic norms has been per-patron revenue. AMC moviegoers are consistently seeking out the most immersive sight and sound experiences, especially important to AMC as we offer more Premium Large Format screens than any other exhibitor,” noted CEO Adam Aron. Looking ahead, he said that the third quarter is off to an explosive start with Barbie, Oppenheimer, and Mission Impossible – Dead Reckenoning, and Sound of Freedom all performing very well. July was noted to be the highest monthly revenue in AMC’s 103-year history due to the rush back to theaters during the month to see the blockbusters.
On the balance sheet, AMC (AMC) ended Q2 with a cash position of $435.3M, excluding restricted cash of $22.9M. AMC (AMC) currently has liquidity availability of $643.4M, including cash and undrawn capacity under the company’s revolving credit facility.
AMC Entertainment (AMC) tracked 3.52% higher in premarket action on Tuesday following the earnings print.