AMC expects loss in the second quarter, but sees upward trend in cinema attendance

7/25/2024, 12:12 PM

Cinema operators report a recovery in cinema attendance last month.

Eulerpool News Jul 25, 2024, 12:12 PM

AMC Entertainment Holdings, the largest cinema operator in the USA, forecasts a loss for the most recent quarter, due to the prolonged strikes by Hollywood actors and screenwriters last year. At the same time, the company recorded a surge in cinema attendance last month.

The company announced that preliminary results for the second quarter indicate a loss of approximately 32.8 million US dollars, compared to a gain of 8.6 million US dollars in the same period last year. This loss is significantly lower than the 159.3 million US dollars expected by analysts. This corresponds to an estimated loss per share of about 10 cents for the three months ending in June, compared to a gain of 6 cents in the previous year.

Sure, here is the translation of the heading to English:

"The Leawood, Kansas-based company expects revenue to fall to about $1.03 billion in the quarter, compared with $1.35 billion in the previous year. This forecast matches the average estimates of analysts surveyed by FactSet.

The strikes last year led to a reduction in the number of films released in theaters in the first months of 2024, a trend the company had already warned about.

Adam Aron, Chairman and CEO of AMC, stated that the weakness had obscured the positive trend in movie attendance. In June, daily revenue increased significantly compared to April and May. The industry's revenues in June were only 1.4% below the combined revenues of April and May, and Aron emphasized that this upward trend continued in July.

Aron expressed confidence that industry-wide film revenues will continue to increase in the second half of the year as well as in 2025 and 2026.

AMC will release its quarterly results after the market closes on August 2.

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