AMC Entertainment turned in a surprise adjusted quarterly profit, the latest sign that U.S. cinema chains are rebounding thanks to a strong summer release slate that included blockbusters “The Super Mario Galaxy Movie” and “Obsession”.
The largest U.S. theater chain also posted record revenue in the second quarter, and said a $124 million opening weekend at the domestic box office for Christopher Nolan’s “The Odyssey” bodes well for an industry still clawing back to pre-pandemic attendance levels.
Its shares rose 18% in morning trading.
“This is the biggest box office quarter in seven years and the fifth-biggest quarter ever,” CEO Adam Aron said of the April-June period.
“We believe that movie theaters will enjoy, in the full twelve-months of 2026, their strongest yet post-pandemic year, at both the domestic and the global box office.”
Backing the view is a packed release slate, with “Spider-Man: Brand New Day” hitting cinemas at the end of July and Warner Bros Discovery’s “Dune: Part Three” and Disney-owned Marvel’s tentpole “Avengers: Doomsday”
Major studios including Disney and Comcast’s Universal have also committed to exclusive theatrical windows for their biggest films, a trend operators have said was driving footfall.
For the second quarter, AMC posted revenue of $1.60 billion. Analysts on average estimated $1.47 billion, according to data complied by LSEG. Adjusted profit per share was 14 cents, compared with expectations for a loss of 6 cents.
Six different films delivered domestic opening weekend grosses exceeding $75 million, and attendance at AMC’s U.S. and international markets rose 12% and about 18% respectively.
Still, some analysts question whether the recovery can hold as cinemas face a potentially weaker release slate next year.
“For six years now, moviegoing has struggled to maintain pre-COVID activity. Strong quarters, like this one, will happen now and again. But the industry’s struggles will remain,” said Ross Benes, senior analyst for TV and streaming at eMarketer.
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