AMC Entertainment Holdings (NYSE:AMC)’ share price leveled up Friday, thanks to consumers showing up in the first quarter to see films including Marvel’s Ant-Man.
The movie theater chain posted first-quarter revenue of $954.4 million, topping Street expectations of $948.5 million. Net loss was $0.17 per share, compared to $0.33 per share last year and expectations of $0.15 per share.
AMC stock traded 1% higher Monday morning at $5.98.
"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.
Looking ahead, AMC also expects the run to continue, with films like The Super Mario Bros. Movie and Guardians of the Galaxy Vol. 3 driving revenue.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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