AMC earnings a hit on Wall Street as 'Ant-Man' attracts more moviegoers
May 5 (Reuters) - AMC Entertainment Holdings Inc (AMC.N) beat Wall Street estimates for first-quarter revenue on Friday, as a string of hit films including the latest installment of Marvel's "Ant-Man" drove more moviegoers to theaters.
Shares of the Leawood, Kansas-based company, which operates over 900 theaters globally, rose nearly 4% in trading before the bell. The stock, which is a favorite of retail investors, has risen more than 45% so far this year.
The company in its earnings report also signaled a boost to its current quarter from the release of the much-awaited "The Super Mario Bros. Movie" and said it expected "The Little Mermaid", "Guardians of the Galaxy Vol. 3" and "Spider-Man: Across the Spider-Verse" to be a box-office driver for the remainder of the year.
"The first quarter North American box office easily surpassed 2022 by some 29%, totaling more than $1.7 billion," CEO Adam Aron said, adding that the European market showed strong recovery to reach pre-pandemic levels, compared with the United States.
Movie theater operator Cinemark Holdings Inc (CNK.N) also posted a 33% rise in first-quarter revenue earlier in the day, driven by a stronger-than-expected box-office performance.
AMC has been trying different combinations to attract audiences to its theaters, including options where moviegoers can choose different seating options to meet their viewing preferences.
Revenue for the quarter was $954.4 million, compared with analysts' expectation of $948.5 million, according to Refinitiv IBES data.
Net loss attributable to AMC Entertainment Holdings was $235.5 million, or 17 cents per share, during the quarter ended March 31 from a loss of $337.4 million, or 33 cents per share, a year earlier.
Reporting by Tiyashi Datta and Yamini Kalia in Bengaluru; Editing by Anil D'Silva
Our Standards: The Thomson Reuters Trust Principles.
Source: Reuters
