By Ben Glickman
AMC Entertainment Holdings logged its second consecutive profit in the third quarter as the company benefits from consumers returning to theaters.
The Leawood, Kan.-based movie-theater chain posted a profit of $12.3 million, or 8 cents a share, in the third quarter, compared with a loss of $226.9 million, or $2.20 a share, a year earlier.
Stripping out certain one-time items, the company logged an adjusted per-share loss of 9 cents, narrower than the 25 cent loss forecast by analysts, according to FactSet.
Revenue rose 45%, to $1.41 billion, beating the $1.26 billion expected by analysts polled by FactSet.
Chief Executive Adam Aron noted that domestic box office in the quarter was still below pre-pandemic levels, but that the company increased its contribution per patron by 30% compared to four years ago.
He said the company was expecting challenges for AMC in 2024 due to delays from the Hollywood strikes.
Write to Ben Glickman at [email protected]