AMC Q1 Results Beat as Moviegoers Return to Big Screen
By Yasin Ebrahim
Investing.com -- AMC Entertainment reported Monday first-quarter results that beat estimates on both the top and bottom lines as moviegoers flocked to the big screen following the pandemic-led hiatus.
AMC Entertainment Inc (NYSE:AMC) was down more than 4% following the report.
The company reported a first-quarter loss of $0.52 per share, compared with $1.42 a year earlier. Revenue rose to $785.7 million from $148.3 a year earlier. Analysts were expecting a loss of $0.63 per share on revenue of $736.2 million.
The better-than-expected results are explained by ongoing recovery from the Covid-19 pandemic, when lockdowns shuttered movie theatres worldwide.
Attendance jumped to about 39.1 million from 6.9 million last year. "We continue on our pandemic recovery trajectory, more than quintupling revenues and improving adjusted EBITDA by nearly eighty percent compared to a year ago," the company said.
Looking ahead, AMC continues to tout optimism forecasting a "very exciting" theatrical box office for the remainder of the year with a string of new releases including Top Gun: Maverick, Jurassic World Dominion, Lightyear, Thor: Love And Thunder, Minions: The Rise Of Gru, and Black Panther: Wakanda Forever, among others.
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