AMC Entertainment reported record quarterly revenue of $1.60 billion in the second quarter, beating analyst expectations and posting a surprise adjusted profit, the company said Monday.
The company posted adjusted earnings of 14 cents per share for the quarter ended June 30, well ahead of the 6-cent loss analysts had been forecasting, according to Reuters
Analyst consensus revenue estimates had pegged sales at $1.47 billion, according to Reuters, citing data from LSEG. AMC shares surged 16.5% before the opening bell on Monday. The quarter featured six separate films that each surpassed $75 million at the domestic box office in their opening weekends, the company said.
AMC’s U.S. theaters drew 12% more visitors than in the same period a year ago, and its European locations saw attendance grow by approximately 18%. Total domestic revenues grew 13% year over year, outpacing the broader domestic box office, which rose 10.7% to approximately $2.99 billion — the largest box office quarter in seven years, the company said. Adjusted EBITDA margin expanded from 13.6% in the same period last year to 20.1% in the second quarter.