AMC Entertainment Holdings Q3 Earnings Takeaways

$AMC Entertainment(AMC.US)$ reported third quarter revenue of $755.6 million, beating a street consensus of $708.3 million. Revenue was significantly higher than the $119.5 million reported in the third quarter last year with a significant number of theatres shut down.

AMC reported a loss of 44 cents per share, beating a street consensus target of a loss of 53 cents per share.

AMC had attendance of nearly 40 million in the third quarter, compared to 6.5 million in the year-over-year period. Attendance was split 26.7 million in the U.S. and 13.3 million in international markets.

The company ended the third quarter with 596 domestic theatres and 351 theatres in international markets. AMC has more than 10,600 movie screens globally.

What’s Next:The company ended the third quarter with $1.8 billion in liquidity. AMC does not expect to borrow any additional money under existing credit lines in the next 12 months.Aron highlighted a strong slate of movies on the calendar for the remainder of 2021 and into 2022.The company’s CEO said there are still challenges ahead.“We need to sell more tickets in future quarters than we did in the most recent quarter and adjusted EBITDA is still well below pre-pandemic levels.”