AMC Stock Falls % 9in Premarket Trading.
AMC Entertainment reports Q2 loss, lags revenue estimates.
Revenues jumped 162% from a pandemic-hit Q2 2021, but the $1.16B figure still trailed the pre-pandemic Q2 of 2019, when the company logged $1.5B.
Net loss improved to $121.6M vs. a net loss of $344M a year ago. Adjusted EBITDA swung to a gain of $106.7M, vs. a prior-year loss of $150.8M.
The quarter "boosts our mood and brightens our prospects as we look ahead," says CEO Adam Aron. Attendance globally rose to 59M from 22M a year ago.
Revenue per patron was also exciting, he said, especially in high-margin food and beverages: F&B spending per patron was $7.52, up from $5.58 in Q2 2019. Internationally, F&B revenue rose 21.5%. And other revenues per patron were up to $2.01 from $1.22 in Q2 2019.
And while loss per share benefited from improved operations, it was also impacted by marking to market the "volatile" share price of the company's gold mining investment, in Hycroft Mining.