Leawood, Kansas-based movie theater chain AMC Entertainment Holdings, Inc. (NYSE:AMC) preannounced first quarter results after the market close on Friday, and the stock fell in after-hours trading.
Q1 Preannouncement: AMC said it expects to report first-quarter revenue of $951.4 million and a net loss of $163.5 million (62 cents per share). This is in comparison to the year-ago numbers of $954.4 million in revenue and $235.5 million in net loss ($1.71 per share).
Analysts, on average, have modeled revenue of $861.06 million and a loss of 79 cents per share, according to Benzinga Pro data.
Commenting on the results, CEO Adam Aron said, “As predicted, the box office in the first quarter was adversely impacted by the 2023 Hollywood writers and actors strikes. Nonetheless, AMC outperformed. AMC exceeded consensus estimates for Revenue, Adjusted EBITDA, Net Income, and Diluted EPS.”
AMC said it sees first-quarter adjusted EBITDA to come in at a ...