AMC Entertainment Holdings Inc Earnings Report (Q3 2021)

AMC has reported slightly better than expected results for Q3 2021, but still faces some difficulties.
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AMC

The Q3 results for 2021 from AMC Entertainment were slightly better than expected overall. Since the pandemic the company has had some major difficulties due to the closing and loss of foot traffic to cinemas. Throughout 2021, AMC Entertainment has also benefitted from getting caught up in the ‘meme stock’ hype, which caused the company stock to soar at some points.

As of September 30th 2021, the company has re-opened all 596 domestic (US) theatres and 351 international theatres which is around 99% of the total.

During Q3 the company has seen 40 million guests in its theatres throughout the US, Europe and Middle East.

  • Q3 2021 Revenue: $763.2 million. Up from $119.5 million in Q3 2020.
  • Net loss of $224.2 million in Q3 2021. Down from a net loss of $905.8 million in Q3 2020.
  • Loss per share in Q3 2021: $0.44. Net loss per share in Q3 2020 was $8.41.
  • The company has a liquidity availability of more than $1.8 billion. Adam Aron, Chairman and CEO of AMC Entertainment has said:

“For the first time since the fourth quarter of 2019, substantially all of our worldwide theatres were open for the entirety of a calendar quarter. Thanks to an increasingly appealing film slate, rising COVID-19 vaccination counts, our commitment to robust health and safety protocols and our own greatly increased marketing activity, AMC’s theatres in the U.S., Europe and the Middle East safely welcomed back 40 million guests during the third quarter of 2021.”

On the topic of recovery and seeing the company results improve, he also said:

“Our financial results continue to improve. More and more major films are on the docket for release in the remainder of 2021, and throughout 2022. One can see and feel that our industry and our company are on a path of recovery and improvement.”

Alongside AMC getting caught up in the ‘meme stock’ hype, the company also has previously said it is looking into offering cryptocurrencies as payment options. Nothing has been confirmed to happen yet, but the company still claims they are looking into it.

Since the start of 2021, AMC Entertainment Holdings Inc stock is up around 1,095.23%.

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