AMC Entertainment Earnings Dragged Down by Weak Box Office

Variety | 5/9/2019 | Brent Lang
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It was, by most measures, a bad few months to be a major theater chain.

And AMC Entertainment as the world’s biggest exhibitor, felt the burn from a series of flop films and underperforming blockbuster hopefuls during its most recent quarter. The company’s revenues fell 13.2% to $1.2 billion, while the company suffered an adjusted loss of $1.21 per share. It also recorded a net loss of $130.2 million.

Losses - Wall - Street - Analysts - AMC

The losses were worse than anticipated. Wall Street analysts had predicted that AMC would show a loss of 54 cents a share. However, the revenues were slightly better than the consensus estimate of $1.19 billion.

The movie business was in a funk for the first three months of 2019. “Captain Marvel” was a hit, grossing more than $1.1 billion globally, as was Jordan Peele’s thriller “Us,” but the rest of the pickings were slim, at least when it came to movies people wanted to see. The movie business also suffered unenviable comparison with 2018 when “Black Panther” turbocharged box office receipts. AMC wasn’t the only chain to see its fortunes...
(Excerpt) Read more at: Variety
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