Summary by Moomoo AI
AMC Entertainment reported Q2 2024 revenues of $1.03 billion, down 23.5% from $1.35 billion in Q2 2023, with a net loss of $32.8 million compared to net earnings of $8.6 million last year. Total attendance declined 24.6% to 50 million patrons, while Adjusted EBITDA decreased to $29.4 million from $182.5 million.The quarter showed stark contrast between early weakness due to 2023 Hollywood strikes impact and strong finish driven by Disney's "Inside Out 2" success, which became the highest-grossing animated film ever. June 2024 achieved the company's highest-ever June Adjusted EBITDA in its 104-year history.The company completed transformative capital market transactions extending up to $2.45 billion of debt maturities from 2026 to 2029/2030. Cash position remained solid at $770.3 million as of June 30, 2024. Management expressed confidence in sustained growth potential, citing strong upcoming movie slate through 2026.
