Leading movie theater chain AMC Entertainment Holdings (NYSE:AMC) reported first-quarter financial results after the market close Monday. Here are the key highlights.
AMC's Q1 Report: AMC reported revenue of $785.7 million in the first quarter, beating a Street estimate of $736.2 million, according to data from Benzinga Pro. The revenue in the first quarter was significantly higher than the $148.3 million the company reported in the first quarter of the previous year.
AMC reported a loss of 52 cents per share in the first quarter, beating a Street estimate of a loss of 63 cents per share.
“Our results for the first quarter of 2022 represent AMC’s strongest first quarter in two full years. We continue on our pandemic recovery trajectory, more than quintupling revenues and improving adjusted EBITDA by nearly eighty percent compared to a year ago,” AMC CEO Adam Aron said.
Attendance for AMC’s U.S. theaters was 39.08 million in the first quarter, compared to 6.8 million in the comparable period last year.
International attendance in the first quarter was 25.79 million, compared to 6.2 million in the comparable period last year.
Aron also highlighted the company’s upgrades in theaters, refinanced debt, acceptance of crypto payments, NFT launches, acquisitions and a $28-million investment in Hycroft Mining (NASDAQ:HYMC).
LISTEN To The AMC Q1 2022 Earnings Call Here!
AMC ended the quarter with $1.2 billion in cash and has liquidity of $1.35 billion including undrawn revolver lines.
AMC ended the first quarter as the largest movie theater company in the U.S. and the world with around 940 theaters and 10,500 screens worldwide.
Related Link: How AMC Entertainment Stock Looks Heading Into Q1 Earnings
What’s Next For AMC: Aron highlighted the success in the first quarter while also sharing his thoughts on the strong lineup of titles set for 2022 release.
“The cumulative success of 'Spider-Man: No Way Home,' 'The Batman,' 'Sonic the Hedgehog 2' and this past weekend’s opening of 'Dr. Strange In The Multiverse Of Madness' should leave no doubt about the enduring appeal of theatrical exhibition,” Aron said.
Aron called the 2022 lineup of movies for the box office “very exciting” while mentioning "Top Gun: Maverick," "Jurassic World Dominion," "Lightyear," "Thor: Love and Thunder," "Minions: The Rise of Gru" and "Black Panther: Wakanda Forever."
“And then comes the bell ringer. At year-end, the culmination of 2022 will be James Cameron’s 'Avatar 2,' the long-awaited sequel to what was at the time of its original release the #1 grossing movie of all-time.”
AMC Price Action: AMC shares are up 3% to $13.05 in after-hours trading Monday.
