AMC Entertainment Reports Third-Quarter Results

(Reuters) – AMC Entertainment (NYSE:AMC) reported a decline in third-quarter revenue and attendance at its theaters, impacted by fewer blockbuster releases from Hollywood studios.

Shares of the Leawood, Kansas-based company fell over 5% in extended trading.

Strikes by actors and writers last year halted filming and post-production for months, leading to gaps in this year's movie schedule.

Additionally, customers are reducing discretionary spending due to macroeconomic uncertainty.

CEO Adam Aron remained optimistic about the future, stating that AMC anticipates a significant rise in the industry-wide box office by year-end and over the next two years.

Third-quarter revenue was reported at $1.35 billion, a decrease of 4.1% from $1.41 billion the previous year. Analysts had projected revenue of $1.33 billion, according to LSEG data.

The number of attendees fell 11.5%, from 73,576 last year to 65,087 this quarter.

AMC also reported a net loss of $20.7 million for the quarter ending September 30, compared to net earnings of $12.3 million a year prior.