AMC Entertainment Holdings Inc. reported sales in the first quarter more than five times higher than a year ago as moviegoers continue to return to theaters amid the COVID-19 pandemic.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||12.52||-1.24||-9.01%|
A company from Leawood to Cannes. it had sales of $ 785.7 million, up from $ 148.3 million a year earlier. Analysts had expected $ 743.4 million, according to FactSet.
CEO Adam Aron said the company’s results are the strongest in the last two years. The quarter was boosted by long-awaited releases such as “Spider-Man: No Way Home” and “The Batman”.
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AMC shares, so-called meme shares, rose 4.6% in after-hours trading. Shares closed at $ 12.52 a share on Monday, down 9% a day – amid broader market sales – and 54% in 2022.
Last weekend’s success of “Doctor Strange in the Multiverse of Madness,” a superhero thriller, created optimism for the summer film season. The film grossed $ 450 million at the world box office on its first weekend.
The outlook for the rest of the year is exciting, Aron said, citing upcoming releases such as “Top Gun: Maverick,” “Jurassic World Dominion,” and “Lightyear.”
In the years before Covid-19, the summer film season could make up about 40% of domestic annual box office.
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Aaron said the company is continuing its trajectory of recovery from the pandemic. The number of Covid-19 cases is starting to rise again in some parts of the country and subvariants of the virus spread.
AMC Entertainment Holdings Inc.
In the first quarter, AMC reduced its loss to $ 337.4 million from a loss of $ 566.9 million last year. Adjusted losses were 52 cents per share in the last quarter; analysts expected an adjusted loss of 63 cents per share, according to FactSet.
The company said it invested $ 28 million in Hycroft Mining Holding Corp. during the quarter. The Wall Street Journal reported in March that the owner of the Nevada gold deposit was on the verge of bankruptcy before attracting the attention of online stock memes traders and then Aaron.
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AMC had $ 1.38 billion in liquidity available on March 31, and $ 1.16 billion in cash and cash equivalents, the company said.