AMC Entertainment Reports Lower Revenues, Narrowed Losses

AMC Entertainment Holdings, Inc. has released its preliminary results for the first quarter ended March 31, 2024, revealing a few key changes compared to the same period in 2023.

Total revenues for the first quarter of 2024 are expected to be approximately $951.4 million, slightly lower than the $954.4 million reported for the first quarter of 2023. However, the net loss for the first quarter of 2024 is anticipated to be $(163.5) million, an improvement from the net loss of $(235.5) million in the first quarter of 2023.

The diluted loss per share for the first quarter of 2024 is expected to be $(0.62), showing a decrease from the diluted loss per share of $(1.71) in the first quarter of 2023. Additionally, the adjusted EBITDA for the first quarter of 2024 is projected to be $(31.6) million, a decline from the adjusted EBITDA of $7.1 million in the first quarter of 2023.

As of March 31, 2024, the company's cash and cash equivalents are reported to be $624.2 million.

In terms of financing activities, AMC launched an at-the-market equity program in March 2024, through which it has sold approximately 12.8 million shares of its Class A common stock, raising gross proceeds of $41.8 million as of April 25, 2024.

Despite the adverse impact of the 2023 Hollywood writers and actors strikes on the box office in the first quarter, Adam Aron, Chairman and CEO of AMC Entertainment, expressed optimism about the company's performance. He noted that AMC exceeded consensus estimates for revenue, adjusted EBITDA, net income, and diluted EPS in the first quarter, and also expressed confidence in the upcoming film slate.

AMC will report its full results for the first quarter ended March 31, 2024, after the market closes on Wednesday, May 8, 2024, and will host an earnings webcast accessible through the investor relations section of AMC’s website.

The preliminary estimated financial information is based on management's estimates and is subject to completion of the company’s financial reporting processes. The company will host an earnings webcast on May 8, 2024, and an archive of the webcast will be available on the company’s website for a limited time. Today the company's shares have moved 4.0% to a price of $3.41. For the full picture, make sure to review AMC Entertainment's 8-K report.

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