AMC Entertainment reports Q1 EPS (78c), consensus (79c)

Reports Q1 revenue $951.4M, consensus $871M. The company said, “We’re pleased to report that AMC outperformed in the first quarter. AMC exceeded consensus estimates for Revenue, Adjusted EBITDA, Net Income, and Diluted Earnings per share. We had expected for some time the Hollywood actor and writer strikes of 2023 would impact the first quarter box office but were heartened by the strength of moviegoing in March which reminded us that better times are ahead. Despite a 6% decline in the first quarter 2024 North American box office compared to 2023, we grew our domestic market share, maintained total revenues in line with the prior year, and continued to grow our per patron profitability metrics at levels well above pre-pandemic measures. This, coupled with proactive cost containment initiatives to tackle the near-term box office challenges posed by the 2023 Hollywood strikes, led to AMC’s outperformance.”