The AMC Entertainment Holdings Inc (NYSE: AMC) stock price rose 7.42% after releasing its financial results for the second quarter of 2023 but later fell. The company’s revenues surged 15.6% to $1,347.9 million compared to Q2 2022.
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The movie theatre chain operator reported a net income of $8.6 million, significantly improving from the net loss of $121.6 million in Q2 2022. The company’s diluted earnings per share was $0.01 compared to a diluted loss per share of $0.12 in Q2 2022.
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AMC also recorded a $75.8 million improvement in its adjusted EBITDA to $182.5 million versus $106.7 million in Q2 2022. The company improved its net cash in operating activities by $63.2 million to $13.4 million compared to Q2 2022.
The company generated Non-GAAP operating cash of $99.8 million, marking an improvement of $47.8 million compared to Q2 2022. As of June 30, 2023, the firm’s available liquidity was $643.4 million, including a $208.1 million undrawn capacity under a revolving credit facility.
AMC continued to attract moviegoers to its theatres after serving over 66 million guests in the second quarter of 2023 to mark its highest quarterly attendance number since the fourth quarter of 2019.
The company noted that its revenue per patron had increased as moviegoers consistently seek out the most immersive sight and sound experiences, which is crucial to AMC as it offers more Premium Large Format screens than any other exhibitor.
The company expects the second half of the year to be better than the first unless the ongoing writers and actors strike causes delays in the release of scheduled movies.
Adam Aron, the Chairman and CEO of AMC, said: “While we still have much work ahead of us on this front, AMC’s glide path to eventual recovery continued with significant pace in the second quarter of 2023 as our results set new records and represent AMC’s strongest second quarter in four full years. Following an impressive start to the year in the first quarter of 2023, the second quarter yet again showed great progress. AMC saw more than a 12% growth in attendance, a 15% growth in total revenue and a 71% increase in Adjusted EBITDA compared to the second quarter of 2022. Indeed, Adjusted EBITDA was $182.5 million, the highest such quarterly figure since the fourth quarter of 2019.”
AMC Entertainment stock price.
AMC Entertainment stock rose 7.42% to trade at $5.50, rising from Monday’s closing price of $5.12.
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