AMC Entertainment Says Profit Rose in Post-IPO ReportChristopher Palmeri
AMC Entertainment Holdings Inc., the second-largest U.S. movie theater owner, said fourth-quarter profit soared, helped by a tax gain, in its first report since going public in December.
Net income rose to $279.6 million, or $3.62 a share, including the gain, from $373,000, or 1 cent, a year earlier, the Leawood, Kansas-based cinema operator said today in a statement. Results included a one-time gain of $3.40 a share. Excluding items, analysts predicted profit of 18 cents, the average of eight estimates compiled by Bloomberg.
Sales increased 2.3 percent to $713 million, compared with analysts’ projections of $698.1 million.
China’s Dalian Wanda Group, led by billionaire Wang Jianlin, purchased the company in 2012 for $2.6 billion including debt. The deal made Wang the largest theater owner in the world. AMC Entertainment sold more than 21 million Class A shares for $18 each in an initial public offering in December.
AMC Entertainment rose 0.4 percent to $22.47 at the close in New York. The stock has risen 9.3 percent this year.
(AMC plans a conference call at 5 p.m. New York time. Visit investor.amctheatres.com to listen.)