AMX - AMC shares bump upward as earnings show 'glide path to recovery'

AMC Entertainment Holdings ( NYSE: AMC ) shares rose as much as 3% in after-hours trading Tuesday after the movie-theater chain reported better-than-expected fourth-quarter results that including rising revenue per movie-going patron.

AMC ( AMC ) said that for the quarter ending December 31, it lost 14 cents a share, excluding one-time items, on revenue of $990.9M, compared to a loss of 6 cents a share, on $1.17B in revenue, during the fourth quarter of 2021. However, AMC's ( AMC ) results were better than Wall Street analysts forecasts for a loss of 22 cents a share, on $977.7M in revenue.

For all of 2022, AMC ( AMC ) said it lost 69 cents a share, excluding one-time items, on $3.91B in revenue.

In a statement, AMC ( AMC ) Chief Executive Adam Aron said that during the fourth quarter of 2022, the company reported revenue-per-patron of $19.98, which Aron said was "well above" the levels seen prior to the start of the COVID-19 pandemic three years ago.

Aron said that AMC's ( AMC ) 2022 results were the company's best since 2019 and showed it "continued on a multi-year glide path to recovery." Aron added that AMC ( AMC ) was already seeing a strong start to 2023, as box-office receipts on the whole were already 44% higher than a year ago.

In addition to getting upbeat reaction to its results Tuesday, AMC ( AMC ) shares built upon Monday's big gains that came in reaction to a Delaware judge agree to hold a preliminary hearing in April on blocking the conversion of AMC Preferred Equity units ( APE ) into common shares of AMC stock .

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