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AMC Entertainment (AMC) Beats on Q1 Earnings and Revenues
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AMC Entertainment Holdings Inc. (AMC - Free Report) reported strong financial results in the first quarter of 2017 wherein both the top line and the bottom line outpaced the Zacks Consensus Estimate.
First-quarter adjusted earnings per share came in at 29 cents against the Zacks Consensus Estimate of a loss of 8 cents per share. However, GAAP net income was $8.4 million or 7 cents per share compared with $28.3 million or 29 cents per share in the prior-year quarter.
Quarterly total revenue was $1,283.4 million, up a significant 67.5% year over year surpassing the Zacks Consensus Estimate of $1,263 million. Segment wise, Admission revenues were $817.3 million, up substantially 69.4% year over year. Food and beverage revenues were $397.9 million, up a whopping 63% year over year. Other theater revenues were $68.2 million, soaring 73.5% year over year.
Quarterly operating expenses were $1,228 million, up 73.8% year over year. Operating income was $55.4 million, down 6.6% year over year. Operating margin decreased to 4.3% from 7.7% in the year-ago quarter. Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was $251.3 million, advancing 71.5% year over year. Adjusted EBITDA margin was 19.6% compared with 19.1% in the year-ago quarter.
Cash Flow
In the first quarter of 2017, AMC Entertainment generated $166 million of cash from operations compared with $22.9 million in the year-ago quarter. Free cash flow in the reported quarter was $4.7 million compared with a negative $34.8 million in the prior-year quarter.
Liquidity
At the end of the first quarter of 2017, AMC Entertainment had $313.1 million of cash and cash equivalents and $3,195.2 million of outstanding debt compared with $207.1 million of cash and cash equivalents and $3,761 million of outstanding debt at the end of 2016. The debt-to-capitalization ratio, at the end of first-quarter 2017, was 0.62 compared with 0.65 at the end of 2016.
Operating Metrics
Number of screens operated was 10,434, up a whopping 96.4% year over year. Average ticket price was $8.75 compared with $9.42 in the year-ago quarter. In the reported quarter, food and beverage revenues per patron were $4.26 compared with $4.76 in the prior-year quarter. Consolidate attendance was 93,354,000, up 82.2% year over year.
AMC Entertainment Holdings, Inc. Price, Consensus and EPS Surprise
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AMC Entertainment (AMC) Beats on Q1 Earnings and Revenues
AMC Entertainment Holdings Inc. (AMC - Free Report) reported strong financial results in the first quarter of 2017 wherein both the top line and the bottom line outpaced the Zacks Consensus Estimate.
First-quarter adjusted earnings per share came in at 29 cents against the Zacks Consensus Estimate of a loss of 8 cents per share. However, GAAP net income was $8.4 million or 7 cents per share compared with $28.3 million or 29 cents per share in the prior-year quarter.
Quarterly total revenue was $1,283.4 million, up a significant 67.5% year over year surpassing the Zacks Consensus Estimate of $1,263 million. Segment wise, Admission revenues were $817.3 million, up substantially 69.4% year over year. Food and beverage revenues were $397.9 million, up a whopping 63% year over year. Other theater revenues were $68.2 million, soaring 73.5% year over year.
Quarterly operating expenses were $1,228 million, up 73.8% year over year. Operating income was $55.4 million, down 6.6% year over year. Operating margin decreased to 4.3% from 7.7% in the year-ago quarter. Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was $251.3 million, advancing 71.5% year over year. Adjusted EBITDA margin was 19.6% compared with 19.1% in the year-ago quarter.
Cash Flow
In the first quarter of 2017, AMC Entertainment generated $166 million of cash from operations compared with $22.9 million in the year-ago quarter. Free cash flow in the reported quarter was $4.7 million compared with a negative $34.8 million in the prior-year quarter.
Liquidity
At the end of the first quarter of 2017, AMC Entertainment had $313.1 million of cash and cash equivalents and $3,195.2 million of outstanding debt compared with $207.1 million of cash and cash equivalents and $3,761 million of outstanding debt at the end of 2016. The debt-to-capitalization ratio, at the end of first-quarter 2017, was 0.62 compared with 0.65 at the end of 2016.
Operating Metrics
Number of screens operated was 10,434, up a whopping 96.4% year over year. Average ticket price was $8.75 compared with $9.42 in the year-ago quarter. In the reported quarter, food and beverage revenues per patron were $4.26 compared with $4.76 in the prior-year quarter. Consolidate attendance was 93,354,000, up 82.2% year over year.
AMC Entertainment Holdings, Inc. Price, Consensus and EPS Surprise
AMC Entertainment Holdings, Inc. Price, Consensus and EPS Surprise | AMC Entertainment Holdings, Inc. Quote
AMC Entertainment competes with major theatrical exhibitors like Cinemark Holdings Inc. (CNK - Free Report) , Live Nation Entertainment Inc. (LYV - Free Report) and Regal Entertainment Group . The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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