AMC Entertainment Earnings Fall Short of Expectations
Despite an earnings miss, the movie-theater operator said its third-quarter results set a record.
AMC Entertainment said Monday it earned 12 cents per share in the third quarter, less than the 15 cents per share that analysts expected the operator of 4,937 movie screens at 348 locations to earn.
Earnings of $12.2 million were well above the $7.4 million earned in the same quarter last year, and revenue rose to $689 million from $634 million a year ago. Revenue, though, was $2 million shy of analysts' expectations.
Shares of AMC closed fractionally higher on Monday to $27.50 and were not traded after the closing bell.
Despite the earnings miss, AMC said its financial results were a record for the quarter.
Admissions revenue rose 7.4 percent to $441.3 million as attendance grew by the same percent, with 47.3 million people attending a movie at AMC during the quarter.
Food and beverage revenue rose to a record $216.8 million from $189.1 million a year earlier as the amount each patron spent at the snack bar increased 6.8 percent to $4.58.
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