AMC CEO reflects on earnings, business recovery: We’re doing ‘so much better’
The company's recorded highest liquidity in company history at $2B
AMC recording highest liquidity in company history, CEO says
Adam Aron discusses AMC's quarter earnings and future business ventures.
AMC Entertainment has been setting personal bests in recovery from the coronavirus pandemic, CEO Adam Aron told "Making Money with Charles Payne" on Tuesday.
Aron expressed that even though the company took a major hit amid COVID-19 shutdowns, second-quarter earnings released Monday beat Wall Street’s revenue estimate of $375 million, coming in at $444.7 million.
"We were so much better off than people expected and we were so much better off in the second quarter of this year than we were in the second quarter of last year," he said.
AMC STOCK SURRENDERS POST-EARNING GAINS
"You’ve got to sense that while we’re not out of the COVID woods yet, after all, it’s still a COVID infected world, you can see that there’s a light at the end of the tunnel. You can see that recovery is coming and we just have to continue to work our way through and get to the other side."
AMC reports growth in earnings after the bell
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AMC ended the second quarter with more than $2 billion in liquid assets – setting a record for the highest amount of liquidity in company history since its first-quarter record of $1 billion.
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"Just 90 days later, we doubled that," Aron said. "We do have enough money, we believe, to get to the other side of the pandemic… We’ve moved from how will we survive COVID to how do we thrive after COVID… It’s very nice to move on."
Aron said he believes there’s a "real chance" AMC can move back to profitability in the fourth quarter of 2021 even though the box office is nowhere near pre-pandemic revenue which consistently topped $10 billion.
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"We’re way, way short of where the box office was for years and years and years on end," he said. "I think 2022 is going to be a transitional year. I hope we’re a lot bigger than $5 billion… but clearly AMC will do better as the box office is bigger."