AMC Beats Revenue Expectations Amid Reopening Economy
AMC Entertainment (AMC) on Monday reported second-quarter revenue climbed to $444 million, beating expectations of $382.25 million as the nation has opened up from the COVID-19 pandemic.
The movie theater chain's sales were a sharp increase compared to the same period in 2020 when it brought in just $19 million due to the pandemic.
"AMC’s journey through the pandemic is not finished, and we are not out of the woods,” said CEO Adam Aaron. "However, there are no guarantees as to what the future will bring in a still infection-impacted world, one can look ahead and envision a happy Hollywood ending to this story."
As of June, all of AMC’s 593 theaters are open and most of their international theatres have been operational.
Meanwhile, AMC saw U.S. subscription revenue rise 14% to $427 million. The company has television networks AMC, IFC and the Sundance Channel, as well as niche streaming services.
Aaron said AMC is not taking a victory lap but the company “can see a light at the end of the tunnel.”
AMC expects to be profitable in the fourth quarter of 2021 should domestic box offices reach at least $5.2 billion. The company recently purchased two Los Angeles area theaters.
Despite threats of the Delta variant, there has been optimism for the movie theater industry. The Hollywood Reporter on Monday reported that theater owners won’t oppose requiring vaccination proof for moviegoers.
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