AMC Entertainment Holdings (NYSE:AMC) reported financial results after market close Tuesday. Here are the highlights.
What Happened: AMC reported fourth-quarter revenue of $1.17 billion, beating a consensus estimate of $1.09 billion according to Benzinga Pro. The total represented the highest quarterly revenue for the company in two full years.
The company reported a net loss of 11 cents per share, coming in above an estimated loss of 26 cents per share from analysts.
“Our positive recovery glide path from the global pandemic continued in earnest in the fourth quarter,” AMC CEO Adam Aron said. “While not yet where we want to be, our progress is substantial and unmistakable.”
Pent-up consumer demand, new advertising campaigns and the release of “Spider-Man: No Way Home” were cited as reasons for the strong fourth-quarter performance.
Over 60 million people visited an AMC movie theater in the quarter, which was up seven-fold from the prior year and up 50% from the third quarter of 2021.
Related Link: How AMC Entertainment Stock Looks Heading Into Q4 Earnings: Charting The Path Ahead
What’s Next: AMC ended the fourth quarter with cash and cash equivalents of $1.59 billion. Aron said the company has the “financial flexibility to opportunistically grow.”
The company has acquired several theaters in 2021 and early 2022 for both the U.S. and international markets segments. Other growth initiatives include the continued launch of non-fungible tokens, accepting cryptocurrency for payments and a retail popcorn launch.
Aron called bookings for “The Batman,” which opens this weekend, “very strong.”
Several blockbuster movies for 2022 are expected but Aron cautioned the 2022 box office results are expected to be “heavily weighted” for the second half of the calendar year.
“While no one has a perfect crystal ball, it would seem that more blockbuster activity likely will come starting in the spring and summer of 2022, continuing through year end,” Aron said.
AMC Price Action: Shares are up 3% to $18.83 in after-hours trading.
