What Happened
AMC reported third quarter revenue of $755.6 million, beating a street consensus of $708.3 million. Revenue was significantly higher than the $119.5 million reported in the third quarter last year with a significant number of theaters shut down.AMC reported a loss of 44 cents per share, beating a street consensus target of a loss of 53 cents per share.
AMC had attendance of nearly 40 million in the third quarter, compared to 6.5 million in the year-over-year period. Attendance was split 26.7 million in the United States and 13.3 million in international markets.
The company ended the third quarter with 596 domestic theaters and 351 theaters in international markets. AMC has more than 10,600 movie screens globally.
“Thanks to an increasingly appealing film slate, rising COVID-19 vaccination counts, our commitment to robust health and safety protocols and our own greatly increased marketing activity, AMC’s theaters in the U.S., Europe and the Middle East safely welcomed back 40 million guests during the third quarter of 2021,” AMC CEO Adam Aron said.
What’s Next
Movie theater operators continue to report strong attendance figures for the month of October, something AMC highlighted in its press release.“We are also encouraged by the results from the beginning of the fourth quarter of 2021,” Aron said. ”Our October theatre admissions revenues were the highest of any month since before the global pandemic forced the closure of our cinemas more than a year and a half ago.”
The company ended the third quarter with $1.8 billion in liquidity. AMC does not expect to borrow any additional money under existing credit lines in the next 12 months.
Aron highlighted a strong slate of movies on the calendar for the remainder of 2021 and into 2022.
The company’s CEO said there are still challenges ahead.
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