Movie theater operator AMC Entertainment Holdings (NYSE: AMC) reported first-quarter financial results after the market close Wednesday.
Here are the key highlights.
What Happened: AMC Entertainment reported first-quarter revenue of $951.4 million, down 0.3% year-over-year. The revenue total beat a Street consensus estimate of $871.0 million according to data from Benzinga Pro.
The company reported a loss of 78 cents per share in the quarter, which beat a Street consensus estimate of a loss of 79 cents per share.
"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," AMC CEO Adam Aron said in a statement.
"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 the moviegoing in March which reminded us that better times are ahead."
Aron said AMC gained domestic market share despite a 6% decline in the first-quarter North American box office year-over-year.
The company ended the first quarter with $624 million in unrestricted cash. The company also raised an additional $124.1 million in gross proceeds from the sale of common shares.
What's Next: Aron said the company is committed to reducing debt and extended debt maturities when possible.
"While the second quarter box office will continue to be affected by the 2023 Hollywood strikes, we continue to be ebullient about the upcoming film lineup in the second half of 2024 and throughout 2025," Aron said.
Following the success of Taylor Swift and Beyonce concert films, Aron said AMC is in talks with several of the "world's greatest musical artists."
"That dialogue has led Billie Eilish to agree to hold a unique Listening Event next week on May 16 and 17 at many AMC theatres across the U.S. as a key part of her next album launch. Looking ahead, we expect that AMC will continue to break new ground and blaze new trails with the world's most talented and most beloved musicians."
AMC Price Action: AMC shares are down 2.82% to $3.10 in after-hours trading Wednesday versus a 52-week trading range of $2.38 to $62.30.