Profits and revenues rose at AMC Entertainment thanks to a strong crop of summer movies, but third quarter earnings at the country’s second largest theater chain fell short of Wall Street’s projections.
Revenues at the Kansas City-based exhibitor climbed 12% to $688.8 million, while net income improved 65% to $12.2 million. Earnings per share for the three month period ending in September hit 12 cents, an improvement on the 8 cents in the year-ago period.
The gains still couldn’t meet analysts’ projections. The company had been expected to log revenues of $690.7 million and earnings of 17 cents a share.
AMC credited the stronger balance sheet to improved food and beverage revenues, which hit a third quarter record of $216.8 million. The company also achieved high-water marks on a per-patron basis, with consumers spending an average of $4.58 in concessions.
Admissions revenue increased 5.7% to to $441.3 million, while attendance increased 7.4% to 47.3 million customers during the quarter.
The period was one of change for AMC, which saw Gerry Lopez step down as CEO after a six year stint to take a job leading Extended Stay. He has been replaced on an interim basis by former CFO Craig Ramsey.
AMC’s stock was flat in after-hours trading. It closed Monday up 0.47% at $27.50.