AMC Entertainment Reports Third Quarter 2024 Results

AMC Entertainment Holdings, Inc. recently released its financial results for the third quarter ended September 30, 2024. The company reported total revenues of $1,348.8 million for the period, marking a decline compared to the previous year. The net loss for the quarter was $(20.7) million, a significant drop from the net earnings of $12.3 million in Q3 2023. Adjusted EBITDA stood at $161.8 million, down from $199.9 million in the same quarter last year.

Despite the challenges, Adam Aron, Chairman and CEO of AMC Entertainment, expressed optimism about the company’s performance in the third quarter. Aron highlighted important milestones achieved during the period, including a narrowing of the net loss and a significant improvement in Adjusted EBITDA compared to the second quarter of 2024. He mentioned the positive impact of the industry-wide box office recovery on AMC’s financials.

AMC emphasized the strengthening of its balance sheet, noting debt transactions completed in July that extended the maturity of a significant portion of its debt. Additionally, the company successfully reduced its outstanding debt by $349 million through various strategies, including debt buybacks and equity exchanges.

Looking towards the future, Aron expressed confidence in the upcoming movie slate for 2024, 2025, and 2026, expecting a rise in industry-wide box office revenues. The company ended the quarter with $527 million in cash on hand and remains focused on navigating challenges while maintaining a positive outlook for the future.

AMC Entertainment operates approximately 880 theaters and 9,800 screens worldwide, providing a variety of entertainment experiences. The company continues to innovate in the exhibition industry, offering enhanced amenities and experiences for moviegoers.

Investors and interested parties can access a webcast on the company’s investor relations website for further insights into AMC’s financial performance. The full financial details and reconciliation of non-GAAP measures can be found in the company’s official SEC filing and financial statements.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read AMC Entertainment’s 8K filing here.

AMC Entertainment Company Profile

AMC Entertainment Holdings, Inc, through its subsidiaries, engages in the theatrical exhibition business. It owns, operates, or has interests in theatres in the United States and Europe. The company was founded in 1920 and is headquartered in Leawood, Kansas.