Shares of AMC Entertainment Holdings (NYSE: AMC) were down in morning trading at the time of publishing on Friday even as the theater chain and a meme stock favorite’s adjusted loss narrowed in the first quarter to $0.13 per share from $0.26 in the same period a year earlier while analysts were expecting a loss of $0.16 per share.
AMC’s total revenues in Q1 surged by 21.5% year-over-year to $954.4 million and above the consensus estimate of $938.20 million.
Adam Aron, Chairman and CEO of AMC stated, “We believe the first quarter of 2023 is just the tip of the iceberg for what’s to come in the remainder of the year. To that end, the second quarter of 2023 has already begun with the notable success of THE SUPER MARIO BROTHERS MOVIE, currently the highest-grossing movie of 2023 and over $1 billion in ticket sales worldwide.”
AMC’s food and beverage spending per patron went up to $6.90 globally at the end of Q1 and was $7.99 in the U.S., and was at “a blistering pace compared to pre-pandemic levels.”
The company also provided an update regarding AMC’s preferred equity unit at-the-market equity program and stated that “during the second quarter of 2023, AMC has raised additional gross proceeds of approximately $34.2 million, before commission and fees, from the sale of approximately 21.2 million shares of APE units. There are currently no APE units available to be issued under the September ATM equity program and board authorization.”
Year-to-date, AMC stock has gone up by 50.6%.
