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AMC Entertainment Holdings Inc (NYSE:AMC) shares are trading lower Thursday on the heels of the company’s first-quarter financial results. Here’s what you need to know.
What Happened: After the market close on Wednesday, AMC reported first-quarter revenue of $951.4 million, beating estimates of $871.002 million, according to Benzinga Pro. The company reported a quarterly loss of 78 cents per share, beating estimates for a loss of 79 cents per share.
AMC said it grew its domestic market share and continued to grow its per patron profitability metrics at levels well above pre-pandemic measures in the first quarter despite a 6% decline for North American box office compared to the prior year.
“We had expected for some time the Hollywood actor and writer strikes of 2023 would impact the first quarter box office but were heartened by the strength of moviegoing in March which reminded us that better times are ahead,” said Adam Aron, CEO of AMC.
"While the second quarter box office will continue to be affected by the 2023 Hollywood strikes, we continue to be ebullient about the upcoming film lineup in the second half of 2024 and throughout 2025. With many more great films slated for the remainder of 2024, 2025 and even well into 2026, we are exceedingly confident in our ongoing recovery trajectory."
AMC noted that it remains committed to continuing efforts to reduce debt, extend debt maturities and bolster cash reserves when opportunities come up. The company had $624.2 million in cash and cash equivalents as of March 31.
AMC also highlighted an upcoming Listening Event with Billie Eilish, set for May 16 and May 17 at several theaters across the U.S. The company said it plans to continue to “break new ground and blaze new trails”with some of the world's most talented musicians.
Don’t Miss This: AMC Entertainment Q1 Earnings Highlights: Revenue Beat, EPS Beat, Billie Eilish Theater Experience Launch
AMC Price Action: AMC shares were down 4.08% at $3.06 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
Posted In: AMC
