AMC (AMC) Earnings in the first quarter of 2022

The AMC 25 Theaters in New York’s Times Square will be shown on Tuesday, July 8, 2014.

Richard Levine Corbis News Getty Images

Not even the Spider-Man and Batman team could make AMC Entertainment profitable during the first quarter. Still, shares of the cinema chain rose more than 4% after business hours on Monday after recording a smaller-than-expected loss during that period.

AMC has made great strides toward recovery since the pandemic closed all of its locations globally in 2020, but the limited number of new films during the first three months of this year meant fewer movie tickets were sold compared to pre-pandemic levels.

However, the recent release of Marvel’s “Doctor Strange in the Multiverse of Madness” is launching a steady stream of new, highly anticipated, cinematic debuts that will boost AMC ticket sales in the coming months.

“Our results for the first quarter of 2022 represent the strongest first quarter of AMC in a full two years,” CEO Adam Aron said in a statement Monday.

The cumulative success of ‘Spider-Man: No Way Home’, ‘The Batman’, ‘Sonic The Hedgehog 2’ and the opening of ‘Doctor Strange in the Multiverse of Madness’ last weekend, should leave no doubt about the enduring appeal of the theater exhibitions, “he said. “When Hollywood releases movies that moviegoers want to see, people flock to theaters in large numbers to watch movies where they are designed to be watched, in theaters, on the big screen.”

While “No Way Home” and “The Batman” had solid series in theaters, and AMC saw nearly 40 million visitors during the quarter, revenue collected during that period did not exceed nearly $ 1 billion spent by AMC on operating costs and rent.

The movie theater chain reported a net loss of $ 337.4 million, or 65 cents per share, compared to a loss of $ 567.2 million, or $ 1.42 per share, a year ago.

Excluding items, the company lost 52 cents a share, less than the 63 cents analysts expected the company to lose during the quarter, according to a Refinitive survey.

Revenue rose to $ 785.7 million from $ 148.3 million last year and surpassed the $ 743 million analysts had expected.

AMC ended the quarter with $ 1.3 billion in available liquidity. Shares fell 9 percent on Monday as the wider market suffered a sell-off.

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