AMC Entertainment reports Q3 adjusted EPS (4c), consensus (11c)

Reports Q3 revenue $1.348.8B, consensus $1.33B. Adam Aron, Chairman and CEO of AMC Entertainment (AMC) said, “I am almost euphoric about the vital improvements lodged at AMC Entertainment during the third quarter of 2024, with our achieving two important milestones in what has been a long road toward a post-COVID recovery. First, on solidifying our financial metrics, and despite our net loss, our Adjusted EBITDA posted in the 3rd quarter of 2024 was the second-best performance of any third quarter in AMC’s 104-year history. What’s more, in this third quarter, AMC’s Total Revenues were 31% stronger than our revenues of Q2 2024, our Net Loss was narrowed by 37% compared to the loss in the second quarter of 2024 and our Adjusted EBITDA was four times stronger than that of Q2 2024. This is a direct result of the greatly improving industry-wide box office throughout the third quarter, which we expect will continue going forward. And second, on the strengthening of AMC’s balance sheet, our debt transactions announcement in July pushed the maturity of $2.4 billion of our long term debt out into the future for several years, from 2026 to 2029 and 2030. In addition, so far this year, AMC has further reduced our outstanding debt in total by some $349 million through our capital markets efforts, including debt buybacks and equity exchanges.”