AMC Entertainment reports improved Q3 revenues
Source: Busiunion | 2019-11-08
AMC Entertainment Holdings, Inc., the world's largest movie theater chain owned by Chinese conglomerate Wanda Group, reported Thursday total revenues of 1.317 billion U.S. dollars and a net loss of 54.8 million dollars for the third quarter (Q3).
According to an AMC press release, the company's Q3 total revenues were up 7.8 percent from last year and Q3 net loss a 45-percent improvement from last year.
The movie theater chain said the total attendance in the third quarter rose to 87.1 million tickets, setting an all-time high for a quarter.
AMC also reported U.S. average ticket price grew 3.3 percent to 9.45 dollars in the third quarter, while U.S. food and beverage revenues per patron grew 4.7 percent to a third-quarter record of 5.35 dollars.
"The power of the AMC platform is clearly evident in these results, and we are highly encouraged by our performance in the third quarter as we position ourselves for a strong finish in 2019," said Adam Aron, CEO and President of AMC.
The results further confirmed the company has been taking appropriate actions to achieve its medium and long-term targets outlined in April, Aron noted.
"AMC is achieving real momentum, as we gain market share and outperform our industry in attendance and revenue growth," Aron added.
Founded in 1920, AMC is now the largest movie exhibition company in the United States, the largest in Europe and the largest throughout the world with approximately 1,000 theaters and 11,000 screens across the globe.