Movie-theater operator AMC blames bad earnings on bad movies
This summer's slate of big-ticket movies has been a disappointment.
And Hollywood's output is hitting AMC Entertainment, which operates movie theaters, pretty hard.
On Monday morning, AMC reported second-quarter earnings and revenue that missed expectations, with the company citing a "lackluster film slate" that has seen industry-wide box-office revenue fall 10.7% per screen.
AMC chief financial officer Craig Ramsey added in a statement on Monday that industry-wide box-office revenue was down 9.3% on a 10.6% attendance drop.
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In the second quarter, AMC earned an adjusted $0.24 a share on revenue of $764 million. Expectations were for earnings of $0.26 on revenue of $774.3 million.
In premarket trade, shares of AMC were down by as much as 6.8%.
July, however, has served the company better with year-on-year revenue up 7% as of Friday.
The company is also bullish on 2017's film slate, which is expected to feature another installment of "Guardians of the Galaxy," "Pirates of the Caribbean," and "Transformers," in addition to sequels for Disney/Pixar's "Cars" as well as "Bad Boys" and "Fast and the Furious."
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