AMC Notches $990.9-M In 4th Qtr Sales
AMC Entertainment, the biggest US movie theater chain, notched its 14th quarterly loss and its fourth yearly deficit on Tuesday, sending shares down 6.4%, though it did beat Wall Street’s expectations, Liz Moyer, Patrick O’Donnell and MarketWatch reported for Barron’s Daily.
Photo Insert: AMC reported fourth-quarter sales of $990.9 million, down from $1.18 billion one year earlier but above expectations.
AMC reported fourth-quarter sales of $990.9 million, down from $1.18 billion one year earlier but above expectations. Analysts have cut their forecasts a few times. For the full year, AMC reported sales of $3.9 billion.
No financial forecast was given. CEO Adam Aron said first-quarter domestic box office returns were 44% above the same time in 2022, but said that, industrywide, recovery to pre-pandemic norms won’t happen until 2024 or 2025.
New releases are boosting sales, including Disney’s “Avatar: The Way of Water.”
Aron pointed to a stronger movie release calendar this year as optimistic. But he also said AMC had to stay “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.