Hits like “The Secret Life of Pets” and “Suicide Squad” contributed to record quarterly results at AMC Entertainment.
The move comes as AMC is trying to close a deal to acquire Carmike Cinemas for $1.3 billion. If it is consummated, the pact will make AMC the world’s largest theater chain. However, the companies have faced opposition from some Carmike shareholders who believe the sale undervalues the chain.
AMC said that total revenues increased 13.2% to $779.8 million and ticket sales jumped 12.6% to $496.7 million. Profits nearly doubled, topped out at $30.4 million, with earnings per share rising to 31 cents, up from 14 cents in the year-ago period. The rise in sales came as average ticket prices climbed 2.6% to $9.57.
Earnings beat Wall Street expectations, but revenues missed. Analysts had expected earnings of 28 cents on $781.8 million in revenue.
A slew of late-summer blockbusters helped increase foot traffic in the theaters, leading to a nearly 10% jump in attendance of 51.9 million consumers. AMC has invested heavily to expand its menu options, offering a broader range of snacks and alcoholic beverages in certain locations. That also boosted snack bar revenues, with food and beverage sales climbing 15% to $248.9 million.
Shares of AMC closed Monday up 2.56% at $32.10.