AMC Sees Less-Than-Expected Revenue Growth
October 24 2016 - 08:10AM
Dow Jones News
AMC Entertainment Holdings Inc. said it expects revenue in the
September quarter to come in below Wall Street expectations, though
it anticipates profit growing more than expected.
The company expects revenue between $777.0 million and $780.0
million compared with $688.8 million in the prior-year third
quarter. Analysts polled by Thomson Reuters expected $785.7
million.
AMC has been trying to finalize a deal with U.S. theater chain
Carmike Cinemas Inc. since March. The companies in July agreed to a
sweetened deal valued at more than $800 million. Carmike
shareholders are expected to vote on the transaction at a meeting
on Nov. 15.
The move comes after AMC, controlled by China's Dalian Wanda
Group Co., said it would acquire Europe's largest cinema chain,
Odeon & UCI Cinemas Group, for £ 500 million ($650 million) as
it pushes to become the world's largest movie-theater company.
AMC also said Monday it expects third-quarter profit in a range
of 29 cents to 32 cents compared with 12 cents a year ago. Analysts
expected 27 cents a share.
The company expects to report complete results on Nov. 7.
Shares were inactive premarket.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
October 24, 2016 07:55 ET (11:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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