giant theater chains AMC Entertainment Sales in the March quarter beat Wall Street estimates, up 20 percent to $954 million.
Loss narrowed by $102 million to $235 million and adjusted EPS was 17 cents per share, also better than expected.
“It will take several more years for the industry’s box office to return to pre-pandemic levels. The ability to raise additional funding during this prolonged recovery period will be a key factor in our success. Stay agile. We will continue to fight to maintain our recovery trajectory and work hard to position AMC for long-term success,” said the CEO. Adam Aron.
A hearing scheduled for late June in the Delaware Court of Chancery could determine whether and when AMC can sell its shares to raise cash.
That said, he noted that the result represented AMC’s strongest first quarter in four years. And Q1 2023 and his Q4 2022 mark his first two consecutive quarters of positive Adjusted EBITDA since March 2020.
The driving force behind the theater attendance of 48 million people was Avatar: Path of Water. Marvel’s Ant-Man and The Wasp: Quantumania, Creed III, Scream VI, Shazam! Wrath of the Gods and John wick chapter 4.
“As I’ve said for years, when our studio partners bring their magical storytelling to life, there’s a strong demand to bring it to life in AMC theaters in the U.S. and abroad,” Aron said. rice field. “We believe the first quarter of 2023 is just the tip of the iceberg for the rest of the year.”
He plans to speak to investors on the phone shortly.