AMC Entertainment Holdings, Inc. Previews Q1 2024 Preliminary Results; Sees Q1 EPS $(0.62) Vs $(0.79) Est.; Revenue $951.4M Vs $861.06M Est.

Author: Benzinga Newsdesk | April 26, 2024 04:17pm

AMC Entertainment Holdings, Inc. (NYSE:AMC) (the "Company," or "AMC"), today released preliminary results for the first quarter ended March 31, 2024. The preliminary results are unaudited, subject to completion of the Company's financial reporting processes, based on information known by management as of the date of this press release and do not represent a comprehensive statement of our financial results for the quarter ended March 31, 2024. AMC expects:

• Total revenues for the quarter ended March 31, 2024, to be approximately $951.4 million compared to $954.4 million for the quarter ended March 31, 2023.
• Net loss for the quarter ended March 31, 2024, to be $(163.5) million compared to a net loss of $(235.5) million for the quarter ended March 31, 2023.
• Diluted loss per share for the quarter ended March 31, 2024, to be $(0.62) compared to diluted loss per share of $(1.71) for the quarter ended March 31, 20231.
• Adjusted EBITDA to be $(31.6) million for the quarter ended March 31, 2024, compared to Adjusted EBITDA of $7.1 million for the quarter ended March 31, 2023. Included in the prior year's quarterly results ended March 31, 2023 was a previously disclosed $16.7 million benefit to Adjusted EBITDA related to an early termination of a theatre lease.
• Cash and cash equivalents at March 31, 2024 to be $624.2 million.

1 Based on 263.4 million weighted average shares outstanding as of March 31, 2024 and 137.4 million weighted average shares outstanding as of March 31, 2023.

Adjusted EBITDA is a non-GAAP financial measure and tables reconciling this non-GAAP financial measure to its closest respective GAAP financial measures are included in this press release.

In March 2024, AMC launched an at-the-market ("ATM") equity program to sell its Class A Common Stock having an aggregate offering price of up to $250.0 million. As of April 25, 2024, AMC has sold approximately 12.8 million shares of its Class A common stock and has raised gross proceeds of $41.8 million, before commissions and fees, all of which was received after March 31, 2024.

Adam Aron, Chairman and CEO of AMC Entertainment, commented, "As predicted, the box office in the first quarter was adversely impacted by the 2023 Hollywood writers and actors strikes. Nonetheless, AMC outperformed. AMC exceeded consensus estimates for Revenue, Adjusted EBITDA, Net Income, and Diluted EPS. While we anticipate that the second quarter box office will continue to be affected by the 2023 Hollywood strikes, we are ebullient about the upcoming film slate, and we expect to see an increasingly strong box office as the year progresses."

AMC will report its full results for the first quarter ended March 31, 2024, after the market closes on Wednesday, May 8, 2024.

The Company will host an earnings webcast accessible through the Investor Relations section of AMC's website at investor.amctheatres.com/. During the webcast the company will take questions from both AMC Investor Connect members and equity research analysts. AMC investors can visit www.amctheatres.com/stockholders to sign up for membership in AMC Investor Connect and submit their written questions. The link to submit questions will be available from April 30, 2024 until May 7, 2024.

Investors and interested parties should go to the website (investor.amctheatres.com/) at least 15 minutes before the earnings webcast to register, and/or download and install any necessary audio software.

• Date: Wednesday, May 8, 2024
• Time: 4:00 PM CDT / 5:00 PM EDT

An archive of the webcast will be available on the Company's website after the webcast for a limited time.

Posted In: AMC