Here’s what the company reported compared to what Wall Street expected, based on a Refinitiv survey of analysts:
- Losses per share: 71 cents against 91 cents expected
- Income: $ 444.7 million against $ 382.1 million expected
AMC posted a net loss of $ 344 million, or 71 cents per share, compared to a loss of $ 561.2 million, or $ 5.38 per share, a year ago. Analysts expected the company to lose 91 cents per share, according to data from Refinitiv.
The movie theater chain reported revenue of $ 444.7 million, higher than the $ 382.1 million expected by analysts.
“AMC’s journey through this pandemic is not over, and we are not out of the woods yet,” CEO Adam Aron said in a statement on Monday. “However, while there is no guarantee as to what the future will bring in a world still plagued by infections, one can look to the future and envision a happy Hollywood ending for this story. “
AaronP/Bauer-Griffin | Images du GC | Getty Images
As of June 30, AMC had about $ 1.8 billion in cash and about $ 2 billion in cash, the company said. These funds can be used by the company to buy or rent new theaters and to upgrade its already existing locations with better seats and equipment.
The company has started to increase the number of screens it operates. During the second quarter, it took over the leases of two locations in Los Angeles: the 14-screen theater at The Grove shopping complex in the Fairfax neighborhood and the 18-theater location of Americana at Brand in Glendale. Both were previously operated by Pacific Theaters and are owned by real estate company Caruso. AMC did not disclose the terms of the lease.
In 2018, The Grove Theater was the second highest grossing movie theater and the Americana was the fifth highest grossing movie theater in the Los Angeles area. AMC is expected to reopen these theaters in August.
For months, fans of the action, who call themselves “monkeys,” have helped the action reach record highs. These new investors remained bullish on traditionally heavily shorted stocks like AMC and used their growing numbers to make waves on Wall Street.
The company’s shares have jumped nearly 1,500% since January thanks to millions of these retail investors. However, the stock, which closed at $ 33.80 on Monday, has been halved from its high of $ 72.62 in early June.
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