AMC Expects Q2 Loss as Prolonged Strikes Severely Hit Theatrical Releases

seekingalpha07-24

AMC Entertainment expects to report a net loss of $32.8M for the second quarter of 2024, compared to net earnings of $8.6M in the prior year period.Shares of AMC Entertainment dropped around 5.4% ...

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Shares of AMC Entertainment  dropped around 8% after the news. The theater chain attributed the weakness in its preliminary Q2 results, as contrasted with the same quarter of a year ago, to the “prolonged actors and writers strikes of 2023 that severely reduced the number of movies being released theatrically in the early months of 2024.” Q2 adjusted EBITDA is seen at ~$29.4M vs. $182.5M last year. Total revenue is projected to be around $1,030.6M for the second quarter, in-line with Wall Street estimates. That implies a 23.5% Y/Y decline in top-line. Nevertheless, the debt-laden entertainment firm expects improvements in revenues, earnings and adjusted EBITDA going forward, based on optimism that industry-wide movie revenues for the second half of 2024, and into 2025 and 2026, will continue to show increasing strength, CEO Adam Aron said","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4547":"WSB热门概念","BK4108":"电影和娱乐","AMC":"AMC院线"},"translate_title":"由于长期罢工严重影响影院上映，AMC预计第二季度将出现亏损","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AMC":1},"content_text":"AMC Entertainment expects to report a net loss of $32.8M for the second quarter of 2024, compared to net earnings of $8.6M in the prior year period.Shares of AMC Entertainment dropped around 5.4% after the news.The theater chain attributed the weakness in its preliminary Q2 results, as contrasted with the same quarter of a year ago, to the “prolonged actors and writers strikes of 2023 that severely reduced the number of movies being released theatrically in the early months of 2024.” Q2 adjusted EBITDA is seen at ~$29.4M vs. $182.5M last year.Total revenue is projected to be around $1,030.6M for the second quarter, in-line with Wall Street estimates. That implies a 23.5% Y/Y decline in top-line.Nevertheless, the debt-laden entertainment firm expects improvements in revenues, earnings and adjusted EBITDA going forward, based on optimism that industry-wide movie revenues for the second half of 2024, and into 2025 and 2026, will continue to show increasing strength, CEO Adam Aron said.The executive noted that moviegoing in theaters appears to be on an upwards trajectory again, with significant growth seen in AMC’s daily revenues in June as compared to those of April and May.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"movement","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.3","shortVersion":"4.26.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2453020888"}