AMC Entertainment Falls Short of Earnings Expectations
Gerry Lopez, the firm's CEO, touted a record $4.48 spent per patron on food and beverage during the quarter.
AMC Entertainment, one of the nation's leading chains of movie theaters, said Wednesday its quarterly results were 6 cents of earnings per-share on $653 million in revenue, lower than what analysts were expecting.
Wall Street expected the film-exhibition company to earn 9 cents a share on $659 million revenue in the first quarter.
Gerry Lopez, the firm's CEO, touted a record $4.48 spent per patron on food and beverage during the quarter, an 11 percent rise over the same frame last year. Revenue generated by food and beverage rose from $182 million in the year-ago quarter to a record $201 million this time around.
He also said that at the 60 theaters that offer reclining seats, admissions revenue per-screen rose 11 percent. Overall, AMC said admissions revenue was $418.7 million from $409 million a year earlier.
Net earnings in the quarter were $6.1 million, up from a loss of $4.5 million last year.
Shares of AMC rose fractionally to $32.50 on Wednesday and were unchanged after the closing bell.