LEAWOOD, Kan. - AMC Theatres (NYSE:AMC) experienced its highest weekend attendance and admissions revenue of 2024 from Thursday, June 13 to Sunday, June 16, in both the United States and its international locations. This surge is attributed to the strong performances of "INSIDE OUT 2" and "BAD BOYS: RIDE OR DIE."
Across its U.S. venues, AMC saw more than a million visitors each day from Friday to Sunday, culminating in approximately 3.8 million guests over the four-day period. The company highlighted this as its busiest Friday, Saturday, and Sunday to date in 2024 based on both attendance and admissions revenue.
Internationally, AMC theaters also witnessed a significant increase in attendance, with double-digit percentage growth compared to the same weekend in the previous year.
The opening weekend success of "INSIDE OUT 2" is reported to have grossed over $150 million domestically, contributing to the record-breaking figures. Moreover, "BAD BOYS: RIDE OR DIE" continued to draw crowds in its second weekend, with a reported $33 million in domestic box office revenue.
Adam Aron, Chairman and CEO of AMC, praised the theatrical experience, attributing the success to the films being tailored for the big screen and effectively marketed to audiences. He expressed gratitude to the filmmakers, studio partners, and the guests who chose AMC's theaters for their movie-watching experience.
AMC Theatres, known for being the largest movie exhibition company in the United States and globally, operates around 900 theaters with 10,000 screens worldwide. The company continues to innovate within the industry, offering premium formats, enhanced food and beverage options, and a variety of content, including Hollywood releases and independent films.
This report is based on a press release statement from AMC Entertainment (NYSE:AMC) Holdings, Inc.
In other recent news, GameStop (NYSE:GME) and AMC Entertainment have seen renewed interest from retail investors, with GameStop experiencing a significant rally and AMC Entertainment launching its AMC Summer Movie Camp. This surge is attributed to social media activity from Keith Gill, known as "Roaring Kitty," who revealed a $116 million investment in GameStop.
Meanwhile, AMC Entertainment maintained a Sell rating from Roth/MKM due to considerable debt and limited cash flow projections. The firm expects a positive free cash flow of $155 million in the second half of the year. B.Riley analysts also maintain a Neutral rating on AMC's stock, noting recent successful debt reduction transactions that improve the company's standing with debt holders. These recent developments provide an interesting backdrop for investors in both companies.
InvestingPro Insights
Despite a weekend of record-breaking attendance and revenue spurred by blockbuster releases, AMC Theatres (NYSE:AMC) faces a complex financial landscape. Real-time metrics from InvestingPro reveal a challenging picture for the cinema giant.
With a market capitalization of $1.84 billion, the company's adjusted price-to-earnings (P/E) ratio stands at a negative figure of -6.33, reflecting investor concerns about profitability. Moreover, the company's revenue growth shows a mixed trend with a 17.88% increase over the last twelve months as of Q1 2024, yet a slight quarterly dip of -0.31% in Q1 2024.
The financial data also highlights a gross profit margin of 14.56%, which, while positive, indicates potential pressure on the company's ability to translate sales into profit. InvestingPro Tips suggest that AMC is quickly burning through cash and holds a significant debt burden. The company's stock price has experienced high volatility, with a 13.41% return over the last month, but a steep decline of 87.97% over the past year.
For prospective investors considering AMC's future prospects, these insights underscore the importance of careful analysis. With volatility in mind, it's crucial to stay informed of the latest financial data and expert analysis. For additional insights on AMC, including 14 more InvestingPro Tips that can help you navigate the complexities of investing in this stock, visit https://www.investing.com/pro/AMC. Don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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