© Reuters. An AMC Theater is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, US January 27, 2021. REUTERS/Carlo Allegri
(Reuters) – AMC Entertainment (NYSE:: Holdings Inc) beat Wall Street estimates for first-quarter revenue on Friday, as a string of blockbusters including the latest installment of Marvel’s “Ant-Man” propelled more moviegoers into theaters. .
Shares of Kansas-based Leawood, which operates more than 900 theaters globally, were up nearly 4% in trading before the bell. The stock, a favorite of retail investors, has gained more than 45% so far this year.
In its earnings report, the company also noted a current quarter boost to the release of the highly anticipated Super Mario Bros. movie and said it expects “The Little Mermaid,” “Guardians of the Galaxy Vol.3,” and “Spider-Man: Across the Spider-Verse.” to be the box office driver for the remainder of the year.
“The first quarter of the North American box office easily surpassed 2022 by nearly 29%, totaling more than $1.7 billion,” CEO Adam Aron said, adding that the European market showed a strong rebound to pre-pandemic levels, compared to the United States.
Movie theater operator Cinemark Holdings (NYSE: Inc) also reported a 33% increase in first-quarter revenue earlier in the day, driven by stronger-than-expected performance at the box office.
AMC is trying various packages to attract audiences to its theaters, including options where moviegoers can choose different seating options to meet their viewing preferences.
Revenue for the quarter was $954.4 million, compared to analyst expectations of $948.5 million, according to Refinitiv IBES data.
The net loss attributable to AMC Entertainment Holdings was $235.5 million, or 17 cents per share, for the quarter ended March 31, from a loss of $337.4 million, or 33 cents per share, in the prior year.