Shares of AMC entertainment rose over 4% after it reported a narrower-than-expected loss during the first quarter.
Source: AMC Entertainment.
AMC up +4.07%, CNK up +0.79%, premarket trading
Revenue jumped to $785.7 million from $148.3 million last year and surpassed the $743 million estimated by analysts.
Adam Aron CEO of AMC stated that the first results of 2022 point out to AMC’s strongest first quarter in two full years.
Even though “No Way Home” and “The Batman” had strong runs in theaters and AMC nearly recorded 40M visitors during the quarter, revenues collected during the period did not beat the nearly $1B spend on operating expenses and rent.
The movie theater chain posted a net loss of $3374 million or 65 cents per share compared with a loss of $567.2 million or $1.42 per share, a year earlier.
Excluding items, AMC Entertainment lost 52 cents per share, a smaller loss than the 63 cents estimated by analysts during the quarter.