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AMC beats revenue estimates as ‘Avatar’ lures movie fans
AMC beats revenue estimates as ‘Avatar’ lures movie fans By Reuters
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Stock Markets 21 minutes ago (Feb 28, 2023 05:56PM ET)
(C) Reuters. FILE PHOTO: Times Square characters who pose for photos for money walk past an AMC theatre amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri/File Photo
(Reuters) -AMC Entertainment Holdings Inc beat Wall Street estimates for fourth-quarter revenue on Tuesday, as box-office hits such as “Avatar: The Way of Water” made movie-goers flock to its theaters during the holiday session.
Disney’s Marvel superhero film “Black Panther: Wakanda Forever” in November also gave the much-needed optimism to AMC and other cinema chains as they still try to recover from the pandemic and compete against the growing trend of online streaming.
Shares of Leawood, Kansas-based AMC, which operates more than 900 theaters globally, rose 2% in trading after the bell.
“We expect the recovery will continue apace in 2023, as Hollywood is expected to release approximately 75% more major movie titles than it did in 2022,” AMC Chief Executive Adam Aron said.
Revenue for the quarter was $990.9 million, compared to analysts’ expectation of $977.7 million, according to Refinitiv IBES data.
Net loss widened to $287.7 million, or 26 cents per share, during the quarter ended Dec. 31, from $134.4 million, or 13 cents per share, a year ago.
AMC beats revenue estimates as ‘Avatar’ lures movie fans
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