In the recent quarter, blockbusters such as “Wicked”, “Moana 2”, and “The Lion King (Mufasa)” boosted profits for AMC Entertainment.
Global box office earnings for the world’s leading cinema chain surpassed $1.3 billion, marking a significant increase of over 15% compared to the $1.1 billion recorded in the same quarter last year. The financial deficit at AMC reduced from $182 million during the previous period to $135.6 million in the recent quarter. This translated into a diluted loss per share of 18 cents, as opposed to a loss of 54 cents in the corresponding period last year. Moreover, the Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) saw a remarkable increase, rising from $49.9 million to $164.8 million.
After the pandemic, there was a significant rise in ticket sales at AMC cinemas, with the number of visitors jumping from 51.9 million to a record-breaking 62.4 million. Additionally, these moviegoers often chose to purchase snacks and drinks, resulting in an unprecedented fourth quarter revenue per customer of $7.15 for food and beverages at AMC.
The shares of the movie theater company increased by over 6.7% during post-market transactions, as their earnings and losses surpassed the forecasts made by analysts on Wall Street.
Adam Aron, the boss of AMC, is happy about our great year-end results and also feels secure because we took smart decisions in 2024 to make us stronger financially, lower debt, save more money, and prepare AMC for success as the movie industry grows.)
In the year 2024, AMC, burdened by the debt accumulated prior to COVID-19 during its spending spree, managed to lessen its financial commitments by over $375 million. As a result, it concluded the year with over $630 million in cash reserves on hand.
Among the losses reported by AMC, there was a non-cash charge of $106.9 million attributed to depreciation in the value of long-term assets.
More to come…
Read More
- INJ PREDICTION. INJ cryptocurrency
- SPELL PREDICTION. SPELL cryptocurrency
- How To Travel Between Maps In Kingdom Come: Deliverance 2
- LDO PREDICTION. LDO cryptocurrency
- The Hilarious Truth Behind FIFA’s ‘Fake’ Pack Luck: Zwe’s Epic Journey
- How to Craft Reforged Radzig Kobyla’s Sword in Kingdom Come: Deliverance 2
- How to find the Medicine Book and cure Thomas in Kingdom Come: Deliverance 2
- Destiny 2: Countdown to Episode Heresy’s End & Community Reactions
- Deep Rock Galactic: Painful Missions That Will Test Your Skills
- When will Sonic the Hedgehog 3 be on Paramount Plus?
2025-02-26 00:46