Shares of AMC Entertainment Holdings slipped more than 3 percent Monday after the company posted disappointing quarterly results.
AMC reported adjusted second-quarter earnings of 24 cents a share on $764 million in revenue, below Wall Street expectations of earnings of 26 cents a share on revenues of $774 million, according to a Thomson Reuters consensus estimate.
AMC President and CEO Adam Aron told CNBC's "Closing Bell" that "Hollywood hit a slump in April, May and June." In a Monday statement, Aron said a "lackluster film slate caused [AMC] to share in the industry wide box office revenue decline that was down domestically some 10.7% per screen year-over-year."
Aron said, however, that the quarter was an "anomaly."
"If you look at the movies before the second quarter or after, demand was quite strong," he told "Closing Bell." Aron said that he thinks "the prospects for Hollywood are quite bright, especially as we look into 2017, which is supposed to be a record-setting industry wide film slate.">
AMC's food and beverage revenue came in at $243.5 million, compared with $250.5 million during the year-ago quarter. Admission revenue also came in lower at $481.2 million versus $533.4 million in the comparable year-ago period.
The stock is up 18.5 percent this year.Disclaimer