AMC Entertainment Holdings, the Leawood, Kan.-based movie-theater chain, has announced its second consecutive profit in the third quarter. The company has experienced a boost as consumers return to theaters.
AMC recorded a profit of $12.3 million, or 8 cents per share, in Q3, compared to a loss of $226.9 million, or $2.20 per share, in the same period last year. After excluding certain one-time items, the adjusted per-share loss was 9 cents, which is narrower than the 25 cent loss predicted by analysts.
Strong Revenue Growth
The company reported a revenue increase of 45%, reaching $1.41 billion. This surpassed analysts' expectations of $1.26 billion. The resurgence in revenue confirms the positive impact of the returning moviegoers.
CEO's Optimistic Outlook
Adam Aron, Chief Executive of AMC, acknowledged that although the domestic box office still has not fully recovered to pre-pandemic levels, the company has managed to increase its contribution per patron by 30% compared to four years ago. This demonstrates the effectiveness of their strategic initiatives.
Despite the recent success, Aron anticipates challenges for AMC in 2024 due to potential delays caused by the Hollywood strikes. Nonetheless, the company remains determined to navigate these obstacles and continue providing exceptional movie experiences.