AMC Entertainment tanks on Q2 earnings warning

|About: AMC Entertainment Holdings... (AMC)|By:, SA News Editor

AMC Entertainment (AMC +2%) is sinking after hours, -26.4%, after offering up preliminary Q2 results that fell short of Street expectations.

It's forecasting total revenues of $1.2B-$1.204B -- up at least 57% Y/Y but short of consensus for $1.254B. It's also expecting a net loss of $178.5M to $174.5M after taking a $202.6M pretax impairment charge tied to its investment in National CineMedia.

EBITDA, meanwhile, is forecast at $134M-$136M, well short of consensus for $197.9M.

The company notes North American box office was down 3.3% in Q2, with the U.S. down 4.4%. The news was better in Europe (up double digits), but with a seasonally weak impact.

For the full year, it sees revenues of $5.1B-$5.23B (below consensus for $5.28B), a net loss of $150M to $125M (vs. consensus for net income of $87.4M), and EBITDA of $860M-$900M (below consensus for $946.6M).

AMC reports after the closing bell next Monday.

Previously: AMC drops as Barclays downgrades on China risks (Jul. 19 2017)

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