AMC Entertainment (AMC) Tops Q3 EPS by 3c, Beats on Revenues; FY17 EPS Guidance Above Consensus

AMC Entertainment (NYSE: AMC) reported Q3 EPS of ($0.33), $0.03 better than the analyst estimate of ($0.36). Revenue for the quarter came in at $1.18 billion versus the consensus estimate of $1.16 billion.

Highlights for the third quarter ended September 30, 2017, include the following:

• Total revenues increased 51.2% to $1,178.7 million compared to total revenues of $779.8 million for the quarter ended September 30, 2016. Total revenues in 2017 included approximately $333.0 million of revenues from our international theatres as compared to $1.5 million in the three-month period a year ago, due to the acquisitions of Odeon Cinemas Group (“Odeon”) and Nordic Cinema Group Holding AB (“Nordic”).
• Admissions revenues increased 51.7% to $753.5 million compared to $496.8 million for the same period a year ago.
• Food and beverage revenues increased 45.2% to $361.4 million, compared to $248.9 million for the quarter ended September 30, 2016.
• Net earnings decreased $73.1 million to a net loss of $42.7 million compared to net earnings of $30.4 million for the quarter ended September 30, 2016.
• Diluted earnings per share (“diluted EPS”) decreased $0.64 to a loss of $0.33 per share compared to earnings of $0.31 per share for the same period a year ago. Average diluted shares outstanding in the third quarter of 2017 increased approximately 33.5% compared to the third quarter last year as a result of equity consideration for the Odeon and Carmike Cinemas (“Carmike”) acquisitions completed in 2016 and the successful completion of an equity offering in February 2017.
• Total Adjusted EBITDA(1) increased 2.1% to $147.4 million compared to $144.4 million for the quarter ended September 30, 2016. International Adjusted EBITDA for the third quarter grew $39.9 million to $39.8 compared to $(0.1) million a year ago.

GUIDANCE:

AMC Entertainment sees FY2017 EPS of ($1.35)-($1.20), versus the consensus of ($1.12). AMC Entertainment sees FY2017 revenue of $5-5.2 billion, versus the consensus of $5.16 billion.

For earnings history and earnings-related data on AMC Entertainment (AMC) click here.

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