AMC beats revenue estimates as ‘Batman’ drives box-office collection
2022.05.09 23:50
FILE PHOTO: The AMC theatre is pictured during the outbreak of the coronavirus disease (COVID-19), in Burbank, California, U.S., June 30, 2020. REUTERS/Mario Anzuoni
(Reuters) -AMC Entertainment beat Wall Street expectations for first-quarter revenue on Monday, as the release of big-ticket films such as “The Batman” drew crowds to movie halls, driving a surge in box-office collections at the theater chain.
After its business was hammered by the pandemic for much of last year, AMC is slowly turning a corner, as a steady stream of new releases such as “Scream” and “Uncharted” attracted 39,000 moviegoers to its theaters in the first quarter, compared with 6,797 a year earlier.
Revenue at the company, which became one of the symbols of a meme stock-trading frenzy last year, rose to $785.7 million in the quarter ended March 31 from $148.3 million a year earlier.
Analysts on average had expected revenue of $743.4 million, according to IBES data from Refinitiv.
Net loss narrowed to $337.4 million, or 65 cents per share, during the quarter, compared with $567.2 million, or $1.42 per share, a year earlier.
Shares of the company were up 4.6% in extended trading.
