AMC Entertainment Holdings (AMC) shares popped after the movie-theater operator reported better-than-expected revenue in the second quarter on higher attendance.
The Leawood, Kan.-based company said total revenue in the quarter ended June 30 rose to $1.51 billion, up from $1.44 billion in the prior-year quarter and ahead of Capital IQ’s consensus for $1.46 billion. Diluted per-share earnings were $0.17, unchanged from last year.
AMC said attendance rose to 97 million in the just-ended quarter, up from 91.2 million last year. US attendance rose 3.1% to 71.9 million while international markets jumped nearly 17% to 25.1 million. Average screens slipped by nine to 10,675.
AMC shares were up 4.7% in early afternoon trading.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.
“AMC delivered strong results for the second quarter of 2019, achieving 4.4% year-over-year total revenue growth to $1.506 billion, driven by record attendance in both our US and international markets,” said Chief Executive Adam Aron. “In a quarter that generated the second-largest domestic industry box for any quarter in the past 100 years, we are especially gratified that AMC outperformed the rest of the US industry in attendance per screen by 800 basis points and admissions revenue per screen by 400 basis points.”
Admission revenues slid to $895.5 million from $896.3 million last year while food and beverage sales rose to $492.5 million from $445.8 million. Other revenue advanced to $118.1 million from $100.4 million.
Average ticket prices fell to $9.24 from $9.82. US prices slipped to $9.47 from $9.95 while international prices fell to $8.57 from $9.40. Food and beverage revenues per patron rose to $5.08 from $4.89. US revenue rose to $5.58 from $5.29 while international revenues advanced to $3.65 from $3.56.