Wicked,’ ‘Moana 2’ and Other Holiday Hits Lift AMC Theatres Quarterly Earnings, Losses Shrink to $135.6 Million

By Brent Lang

According To The variety Wicked,” “Moana 2” and holiday hits like “Mufasa: The Lion King” lifted quarterly earnings at AMC Entertainment.

Revenues at the world’s largest movie chain hit $1.3 billion, up more than 15% from the $1.1 billion that it reported in the year-ago period. Losses at AMC narrowed from $182 million in the prior-year period to $135.6 million in the most recent quarter. There was a diluted loss per-share of 18 cents compared to a loss of 54 cents in the year-ago period. Adjusted earnings before interest, taxes, depreciation and amortization more than tripled from $49.9 million to $164.8 million.

AMC’s quarterly losses included a non-cash impairment charge of $106.9 million, which it said stemmed from “long-lived assets.”

More moviegoers bought tickets to AMC venues in the last three months of 2024, with attendance increasing from 51.9 million guests to 62.4 million, a post-pandemic record. Ticket buyers also treated themselves to sodas and snacks in greater numbers. Food and beverage revenue per patron hit $7.15 — an all-time fourth quarter record for AMC.

The theater chain’s stock jumped more than 6.7% in after-hours trading. Its revenues and losses topped Wall Street’s expectations.

“Naturally, we are pleased by our impressive finish to the year. We also take comfort as a result of the
decisive actions we took during 2024 to strengthen our balance sheet, lower our debt levels, bolster our cash reserves, and continue to position AMC to thrive as the box office grows,” Adam Aron, the CEO of AMC, said in a statement.

He noted that over the course of 2024, AMC, which has struggled under the weight of the debt it racked up before COVID when it went on a buying spree, reduced its obligations by more than $375 million. It ended the year with more than $630 million of available cash.