Revenue gained 8% over the prior-year period and slightly exceeded Wall Street analysts’ consensus forecast. The net loss was wider than the expectation for 53 cents a share, however, even though it narrowed considerably from the loss of 82 cents a share reported a year ago.
The No. 1 exhibition company said it sold a record 87.1 million tickets in the quarter, with an average ticket price of $9.45, up 3.3% to $9.45. Average food and beverage revenue per customer climbed nearly 5% to $5.35.
AMC said the results were propelled record-setting U.S. and International attendance, which rose about 4% and 9%, respectively.
Stubs A-List, the company’s subscription program, booked a profit and has more than 900,000 members, AMC said. It is in the black for the full year despite a price increase phased in earlier this year.
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Total U.S. box office is lagging 2018 levels by about 6% heading into the critical holiday span, which will see major releases like Frozen 2 and Star Wars: The Rise of Skywalker.
In the company’s earnings release, CEO Adam Aron said the financial results outpaced those of many rivals. He said that was “the result of the holistic and synergistic impacts of AMC having invested in one theater enhancement after another in the largest network of cinemas globally, combined with world-class marketing activity, and our being in the midst of nothing less than a digital transformation in which we are increasingly and continuously engaging with our guests before, during and after their visits to our theaters.”
AMC’s stock price has fallen more than 20% in 2019 to date. It closed Wednesday at $9.69.
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