Summary by Moomoo AI
AMC Entertainment released preliminary Q2 2024 results, reporting revenue of $1.03B compared to $1.35B in Q2 2023, with a net loss of $32.8M versus earnings of $8.6M last year. Adjusted EBITDA declined to $29.4M from $182.5M YoY, while cash and equivalents stood at $770.3M as of June 30, 2024.Despite overall quarterly weakness due to 2023's actors and writers strikes impacting film releases, AMC experienced significant daily revenue improvement in June 2024 compared to April and May. The industry box office for June nearly matched the combined total of the previous two months, with positive momentum continuing into July.Management expressed confidence in the industry's recovery trajectory, projecting stronger box office performance for H2 2024 through 2026. This anticipated improvement in industry revenues is expected to drive increased Adjusted EBITDA for AMC going forward. The company will report complete Q2 results on August 2, 2024.
