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AMC Entertainment (AMC) Beats on Earnings and Revenues in Q4
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AMC Entertainment Holdings (AMC - Free Report) reported encouraging fourth-quarter 2017 results, wherein both the bottom line and top line surpassed the Zacks Consensus Estimate.
AMC Entertainment competes with major theatrical exhibitors like Cinemark Holdings (CNK - Free Report) , Live Nation Entertainment (LYV - Free Report) and Regal Entertainment Group. The company also faces threats from alternative movie streaming services such as Netflix (NFLX - Free Report) , Time Warner’s HBO Now and Hulu.
Net Income
Net loss on a GAAP basis was $276.4 million as against a net income of $29 million in the prior-year quarter. The company reported adjusted earnings of 30 cents per share which surpassed the Zacks Consensus Estimate of 27 cents.
AMC Entertainment Holdings, Inc. Price, Consensus and EPS Surprise
Total revenues of $1,416.8 million surged 52.9% year over year and surpassed the Zacks Consensus Estimate of $1,401.4 million. Segment wise, Admissions revenues increased 52.4% year over year to $897.1 million in fourth-quarter 2017. Food and beverage revenues increased 47% year over year to $415.3 million. Other theater revenues were $104.4 million, soaring 90.5% on a year-over-year basis.
Operating Metrics
Quarterly operating costs and expenses increased to $1,346.4 million, up from $893.6 million in fourth-quarter 2016. Operating income was $70.4 million compared with $32.5 million in the year-ago quarter. Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was $288.2 million compared with $181.6 million in the year-ago quarter.
AMC Screens & Theatres
As of Dec 31, 2017, AMC Entertainment added 32 screens and acquired 16 screens. The company permanently closed only one screen. In the quarter under review, the company owned or operated 1,014 theatres with 11,169 screens across 15 countries.
Average screen count was 8,087 in the U.S. markets compared with 5,611 million in the year-ago quarter. In International markets, the average screen count increased to 2,691 from 905 in the year-ago quarter.
Average ticket price in the U.S. markets was $9.92 compared with $9.74 in the year-ago quarter. In International markets, the average ticket price was $9.29 million compared with $8.08 million in the year-ago quarter.
In the reported quarter, food and beverage revenues per patron rose to $5.09 in U.S. from $4.84 in the prior-year quarter. Internationally, the food and beverage revenues per patron rose to $3.29 from $2.93 in the year-ago quarter.
Consolidated attendance was 92,322 million compared with 62,009 million in the year-ago quarter.
Cash Flow and Liquidity
In fourth-quarter 2017, AMC Entertainment generated $329.6 million of cash from operations compared with $220.4 million in the year-ago quarter.
At the end of the reported quarter, AMC Entertainment had $310 million of cash and cash equivalents and $5,139.1 million of outstanding debt compared with $207.1 million of cash and cash equivalents and $4,467.4 million of outstanding debt at the end of 2016.
Share Repurchase Program
On Aug 3, 2017, AMC Entertainment’s board of directors approved the repurchase of up to $100 million of the company’s Class A common stock over a two-year period.
As of Mar 1, 2018, the company repurchased approximately 50% of the authorized $100 million, having bought more than 3.2 million shares of Class A common stock for approximately $47.5 million, representing an average share price of $14.86.
Dividend Payments
On Oct 27, 2017, the company announced a regular quarterly dividend of 20 cents per share for the quarter ended Sep 30, 2017, which was paid on Dec 18, 2017, to shareholders of record on Dec 4, 2017. Total dividends paid in fourth-quarter 2017 were approximately $25.9 million.
On Feb 28, 2018, the company declared a regular quarterly dividend of 20 cents per share for the quarter ended Dec 31, 2017, payable on Mar 26, 2018 to stockholders of record on Mar 12, 2018.
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AMC Entertainment (AMC) Beats on Earnings and Revenues in Q4
AMC Entertainment Holdings (AMC - Free Report) reported encouraging fourth-quarter 2017 results, wherein both the bottom line and top line surpassed the Zacks Consensus Estimate.
AMC Entertainment currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AMC Entertainment competes with major theatrical exhibitors like Cinemark Holdings (CNK - Free Report) , Live Nation Entertainment (LYV - Free Report) and Regal Entertainment Group. The company also faces threats from alternative movie streaming services such as Netflix (NFLX - Free Report) , Time Warner’s HBO Now and Hulu.
Net Income
Net loss on a GAAP basis was $276.4 million as against a net income of $29 million in the prior-year quarter. The company reported adjusted earnings of 30 cents per share which surpassed the Zacks Consensus Estimate of 27 cents.
AMC Entertainment Holdings, Inc. Price, Consensus and EPS Surprise
AMC Entertainment Holdings, Inc. Price, Consensus and EPS Surprise | AMC Entertainment Holdings, Inc. Quote
Revenues
Total revenues of $1,416.8 million surged 52.9% year over year and surpassed the Zacks Consensus Estimate of $1,401.4 million. Segment wise, Admissions revenues increased 52.4% year over year to $897.1 million in fourth-quarter 2017. Food and beverage revenues increased 47% year over year to $415.3 million. Other theater revenues were $104.4 million, soaring 90.5% on a year-over-year basis.
Operating Metrics
Quarterly operating costs and expenses increased to $1,346.4 million, up from $893.6 million in fourth-quarter 2016. Operating income was $70.4 million compared with $32.5 million in the year-ago quarter. Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was $288.2 million compared with $181.6 million in the year-ago quarter.
AMC Screens & Theatres
As of Dec 31, 2017, AMC Entertainment added 32 screens and acquired 16 screens. The company permanently closed only one screen. In the quarter under review, the company owned or operated 1,014 theatres with 11,169 screens across 15 countries.
Average screen count was 8,087 in the U.S. markets compared with 5,611 million in the year-ago quarter. In International markets, the average screen count increased to 2,691 from 905 in the year-ago quarter.
Average ticket price in the U.S. markets was $9.92 compared with $9.74 in the year-ago quarter. In International markets, the average ticket price was $9.29 million compared with $8.08 million in the year-ago quarter.
In the reported quarter, food and beverage revenues per patron rose to $5.09 in U.S. from $4.84 in the prior-year quarter. Internationally, the food and beverage revenues per patron rose to $3.29 from $2.93 in the year-ago quarter.
Consolidated attendance was 92,322 million compared with 62,009 million in the year-ago quarter.
Cash Flow and Liquidity
In fourth-quarter 2017, AMC Entertainment generated $329.6 million of cash from operations compared with $220.4 million in the year-ago quarter.
At the end of the reported quarter, AMC Entertainment had $310 million of cash and cash equivalents and $5,139.1 million of outstanding debt compared with $207.1 million of cash and cash equivalents and $4,467.4 million of outstanding debt at the end of 2016.
Share Repurchase Program
On Aug 3, 2017, AMC Entertainment’s board of directors approved the repurchase of up to $100 million of the company’s Class A common stock over a two-year period.
As of Mar 1, 2018, the company repurchased approximately 50% of the authorized $100 million, having bought more than 3.2 million shares of Class A common stock for approximately $47.5 million, representing an average share price of $14.86.
Dividend Payments
On Oct 27, 2017, the company announced a regular quarterly dividend of 20 cents per share for the quarter ended Sep 30, 2017, which was paid on Dec 18, 2017, to shareholders of record on Dec 4, 2017. Total dividends paid in fourth-quarter 2017 were approximately $25.9 million.
On Feb 28, 2018, the company declared a regular quarterly dividend of 20 cents per share for the quarter ended Dec 31, 2017, payable on Mar 26, 2018 to stockholders of record on Mar 12, 2018.
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The most popular cryptocurrency skyrocketed last year, giving some investors the chance to bank 20X returns or even more. Those gains, however, came with serious volatility and risk. Bitcoin sank 25% or more 3 times in 2017.
Zacks’ has just released a new Special Report to help readers capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
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