AMC delivers revenue beat helped by Taylor Swift and Beyoncé, yet stock drops

by | Feb 28, 2024 | Stock Market

AMC Entertainment Holdings Inc. reported better-than-expected revenue and a narrower-than-expected loss in its fourth-quarter results Wednesday, boosted by the performance of Taylor Swift and Beyoncé’s concert films. The movie-theater chain and original meme stock reported a net loss of $182 million, or 83 cents a share, compared with a loss of $287.7 million, or $2.64 a share, in the year-prior quarter. Excluding nonrecurring items, AMC reported a loss of 54 cents a share. Analysts surveyed by FactSet were expecting a loss of 70 cents a share.

Revenue grew 11.5% to $1.104 billion, above the FactSet consensus of $1.058 billion. AMC’s adjusted Ebitda increased 193% to $42.5 million. Admissions revenue was $614.6 million, beating the FactSet consensus of $592 million. Food-and-beverage revenue was $370.2 million, also above the FactSet consensus of $357 million. AMC shares fell 7.8% in extended trading. AMC reported the results following a 91.4% drop in its stock price over the past 12 months. Shares have fallen drastically from the meme-stock heights they reached in 2021, when their price got close to $300. In a statement, AMC Chief Executive Adam Aron highlighted the impact of Taylor Swift and Beyoncé’s concert films on the company’s fourth-q …

Article Attribution | Read More at Article Source

[mwai_chat context=”Let’s have a discussion about this article:nnAMC Entertainment Holdings Inc. reported better-than-expected revenue and a narrower-than-expected loss in its fourth-quarter results Wednesday, boosted by the performance of Taylor Swift and Beyoncé’s concert films. The movie-theater chain and original meme stock reported a net loss of $182 million, or 83 cents a share, compared with a loss of $287.7 million, or $2.64 a share, in the year-prior quarter. Excluding nonrecurring items, AMC reported a loss of 54 cents a share. Analysts surveyed by FactSet were expecting a loss of 70 cents a share.

Revenue grew 11.5% to $1.104 billion, above the FactSet consensus of $1.058 billion. AMC’s adjusted Ebitda increased 193% to $42.5 million. Admissions revenue was $614.6 million, beating the FactSet consensus of $592 million. Food-and-beverage revenue was $370.2 million, also above the FactSet consensus of $357 million. AMC shares fell 7.8% in extended trading. AMC reported the results following a 91.4% drop in its stock price over the past 12 months. Shares have fallen drastically from the meme-stock heights they reached in 2021, when their price got close to $300. In a statement, AMC Chief Executive Adam Aron highlighted the impact of Taylor Swift and Beyoncé’s concert films on the company’s fourth-q …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]

Share This