AMC Entertainment Holdings Inc (NYSE:AMC) shares are trading higher Tuesday after the company reported better-than-expected financial results.
AMC Entertainment reported first-quarter revenue of $785.7 million, which was up from $148.3 million year-over-year and beat the estimate of $736.23 million, according to data from Benzinga Pro. The company reported an adjusted loss of 52 cents per share, which beat the estimate for a loss of 63 cents per share.
Theater attendance totaled 39.08 million in the first quarter, up from 6.8 million year-over-year. U.S. theater attendance was 25.79 million in the first quarter and international attendance totaled 13.28 million.
"The outlook for the theatrical box office during the remainder of 2022 is very exciting," said Adam Aron, CEO of AMC Entertainment.
"Whether through leveraging our core competencies in theatrical exhibition or our experience in balance sheet management and capital raising, we will continue to take bold, decisive action to strengthen AMC for the future," Aron added.
Related Link: Revenue, EPS Beat Estimates, CEO Highlights Blockbuster 2022 Lineup
AMC 52-Week Range: $9.14 - $72.62
The stock was up 5.03% at $13.16 at press time.
Photo: Paul Sableman from Flickr.
