AMC Produces Strong Results in Latest Quarter Earnings
AMC Entertainment Holdings, Inc. (NYSE: AMC) watched its stock trade up 4 percent intraday Thursday, to $11.80 per share, after posting strong second-quarter results.
The cinema company, owned by Chinese conglomerate Wanda Group reported an increase in revenue of 4 percent year-over-year to $1.5 billion in the second quarter of 2019. The company's net profit soared 123 percent at $49 million in the second quarter of 2019, compared to a net income of $22 million in the same period of 2018.
Adam Aron, the chief executive officer and president of AMC, said he was pleased with the results.
"AMC delivered strong results [...], driven by record attendance in both our U.S. and international markets," Aron said in a statement on Thursday.
Aron also praised the popularity of the company's AMC Stubs loyalty program, which recently passed 21 million member households, and it's A-List subscription section of the program crossed 900,000 subscribers. AMC Stubs provides rewards, such as free popcorn refills per purchase, up to $2 off movie tickets every Tuesday and a $5 reward every time a member reaches 5,000 points.
In addition, AMC said that during the second quarter it renovated its owned theaters. The company said 15 theaters received additional reclined seating, 878 movie screens were converted to reserved seating and eight new Dolby screen were added.