AMC Entertainment Posts Widened Third-Quarter Loss
The cinema giant, led by CEO Adam Aron, saw higher attendance at its U.S. theaters offset lower average ticket prices.
Cinema giant AMC Entertainment on Thursday posted a widened loss for the third quarter, even as overall revenues were up given higher attendance at its U.S. theaters.
AMC, which is owned by China's Dalian Wanda Group, recorded a loss of $100.4 million for the three months to Sept. 30, compared to a loss of $42.7 million one year earlier, due in part to one-time items included in its latest financial results.
The diluted loss per-share was 82 cents, compared to a 33 cents per-share loss in 2017. That missed on an analyst forecast for a 47 cents per-share loss during the latest quarter.
Overall revenue rose 3.6 percent to $1.22 billion, against a year-earlier $1.17 billion. Admissions revenues were virtually unchanged at $751.4 million, compared to $753.5 million last year, due in part to an 8.6 percent rise in attendance at U.S. theaters to 58.9 million patrons.
That offset a fall in U.S. average ticket prices to $9.15 during the third quarter, against a year-earlier $9.80, while the average ticket price in international markets edged upwards to $8.95, compared to $8.81 in the same period of 2017.
Food and beverage revenues rose 6.5 percent to $384.8 million.
"We performed significantly ahead of our expectations going into the quarter, and when combined with our stellar second quarter results, we are now highly confident in saying that from an adjusted EBITDA perspective, full year 2018 will be the best-ever year in AMC’s 98-year history," AMC Entertainment CEO Adam Aron said in a statement.