AMC reported a loss for a 14th consecutive quarter and fourth consecutive year Tuesday, but shares still gained in after-hours trading.
AMC Entertainment Holdings Inc. reported a loss for a 14th consecutive quarter and fourth consecutive year Tuesday, but shares still gained in after-hours trading as the theater chain’s performance topped Wall Street’s reduced targets.
AMC reported sales of $990.9 million, compared with $1.18 billion in the same period last year. Analysts surveyed by FactSet were looking for sales of $978 million and a net loss of 19 cents a share on an adjusted basis, after reducing those targets repeatedly — revenue was expected to be $1.11 billion as of the end of January, and more than $1.3 billion as recently as last August. For the full year, AMC recorded a loss of $973.6 million, or 93 cents a share, on sales of $3.91 billion.
“With more major movies coming in 2023, we are highly confident that our multiyear recovery will continue to show considerable progress this year,” Chief Executive Adam Aron said in a statement. “But we cannot stress enough how crucial it is that for AMC to remain viable, we must continue to be agile and nimble not only in running our business day to day, but also in our continued raising of cash and decreasing the debt load on AMC Entertainment.
Related: AMC highlights strong opening weekend for ‘Avatar: The Way of Water’, raises $162 mln through APEs This month, AMC announced that it has repurchased $365 million of debt since the beginning of 2022 and rolled out movie-ticket pricing determined by seat location.
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