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Wed, September 30 at 4:00PM ET

AMC Entertainment Earnings: AMC Stock Jumps 1% on Q2 Results

AMC expects to reopen theaters this month

AMC Entertainment (NYSE:AMC) earnings for the movie theater company’s second quarter of 2020 have AMC stock on the rise after-hours Thursday. That comes after reporting adjusted losses per share of $5.44 on revenue of $18.9 million. For comparison, Wall Street was estimating adjusted per-share losses of $4.29 on revenue of $11.88 million.

Image of the entrance of an AMC Entertainment (AMC) branded theater
Source: Helen89 / Shutterstock.com

Now, here’s a closer look at the most recent AMC Entertainment earnings report.

  • Adjusted losses per share are a massive decline compared to adjusted earnings per share of 8 cents in Q2 2019.
  • Revenue for the quarter is sitting 98.7% lower than the $1.51 billion reported during the same time last year.
  • Operating loss of $471.6 million is a negative switch year-over-year from an operating income of $105.5 million.
  • The AMC Entertainment earnings report also has net loss coming in at $561.2 million.
  • That’s a major drop from the company’s net income of $49.4 million in the same period of the year prior.

Adam Aron, president and CEO of AMC Entertainment, said this during the current earnings report.

“It should be no surprise to anyone that with our operations shut the world over, and almost no revenues coming in the door, this was the most challenging quarter in the 100-year history of AMC.”

AMC Entertainment doesn’t include guidance in its earnings report. What it does say is that it expects two-thirds of its theaters in the U.S. to reopen during the month of August.

AMC stock was up 1.5% after normal trading ended on Thursday.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/08/amc-entertainment-earnings-push-stock-up/.

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