AMC Entertainment Holdings Inc Stock Soars on Earnings Beat

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AMC Entertainment Holdings Inc (NYSE:AMC) reported its latest quarterly earnings results late Monday, which came in ahead of Wall Street’s expectations.

AMC Entertainment Holdings IncThe cinema company had a strong first quarter thanks to the overwhelming positive response in the box office to Black Panther and Jumanji. Plus, the company’s acquisition of Nordic Cinema Group added to its revenue stream.

AMC posted earnings of 14 cents per share, topping the Wall Street consensus estimate of 9 cents per share by 5 cents per share. Net earnings tallied up to $17.7 million for the period, more than doubling its year-ago net income of $8.4 million.

The cinema group’s revenue for the first quarter gained 8% year-over-year, reaching nearly $1.39 billion. Analysts were calling for AMC to bring in total revenue of $1.35 billion in their guidance.

The company’s admissions revenue was up by 7% to $875 million, while its food and beverage revenues gained just over 2% to $405.8 million. The group’s recent acquisition did see domestic revenues fall to $982.1 million, compared to the year-ago quarter total of $992.2 million, while its international markets saw revenue grow to $401.5 million, compared to the $298.2 million it raked in during the year-ago period.

“We are truly heartened by AMC’s start to 2018 and couldn’t be more excited about the prospects for the year after the record-breaking success of Avengers: Infinity War early in the second quarter,” company CEO Adam Aron said in a statement.

AMC stock was up 5.5% after the bell, following a 5.7% gain during regular trading hours on its earnings beat.


Article printed from InvestorPlace Media, https://investorplace.com/2018/05/amc-entertainment-holdings-inc-2/.

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