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The company reported Q2 EPS of $0.00, better than the analyst estimate of loss per share of $0.04, while revenue for the quarter came in at $1.35 billion, up 15.6% YoY and above the consensus estimate of $1.27 billion.
AMC stated that the 2023 domestic industry box office is 20% ahead of last year, and they believe the second half of the year “could be even better unless the current writers/actors strikes wind up delaying the release of movie titles into next year.”
Adam Aron, chairman and CEO of AMC, said: “The third quarter of 2023 is off to an explosive start with Barbie, Oppenheimer, Mission Impossible – Dead Reckoning Part One, and Sound of Freedom, among others, combining to cause July to become the highest monthly revenue in AMC’s storied 103-year history.”
Attendance in the quarter grew more than 12%, thanks to some of the box office hits mentioned by Aron.
Despite the positives, Aron concluded that there are “real and potentially severe liquidity hurdles on the horizon that we will need to overcome.”
“Even so, at this point, we are accustomed to and skilled in rising to meet any and all challenges and are very much committed to our relentless efforts to ensure that AMC is best positioned for sustained long-term success,” he added.
