‘Spider-Man’ saves time, AMC theater chain exceeds revenue estimates

Image of an AMC theater in Times Square in New York City
FILE PHOTO: An AMC theater is pictured in Times Square in the Manhattan borough of New York City, New York, U.S., June 2, 2021. REUTERS/Carlo Allegri

March 1, 2022

(Reuters) – Restaurant chain AMC Entertainment Holdings Inc beat estimates for fourth-quarter revenue on Tuesday as box office hits like “Spider-Man: No Way Home” sent people back to the movies. movies.

Long-awaited releases including James Bond films “No Time To Die” and Marvel’s “Venom: Let There Be Carnage” also help AMC recover from the restrictions of the pandemic that have brought movies to a standstill .

Worries about the Omicron variant have caused producers to delay the release of the film, leaving the future of this year’s theater chain uncertain. While “No Way Home” is still showing in theaters, operators have a few other big titles on their schedules through spring and summer.

“Our box office pacing and results for 2022 are expected to be heavily weighted in the second half of the year,” Chief Executive Officer Adam Aron said in a statement.

AMC said pre-orders are high for “The Batman,” which opens this weekend, and added that it hopes to profit from movies like “Top Gun: Maverick” and “Black Panther” : Wakanda Forever” later this year.

In the fourth quarter, viewership at AMC’s theaters grew to nearly 60 million from just over 8 million a year ago, reflecting that audiences are increasingly returning to theaters after relying on Netflix and other streaming services. another streaming service for entertainment during the pandemic-induced shutdown.

Revenue for the quarter ended December 31 was $1.17 billion. According to IBES data from Refinitiv, analysts had expected an average of $1.10 billion.

Net loss narrowed from $946.1 million, or $6.21 per share, to $134.4 million, or 26 cents per share, a year earlier.

Shares of AMC jumped more than 1,150% last year, largely fueled by an army of retail investors coordinating their purchases on forums like Reddit’s WallStreetBets.

AMC also said it ended 2021 with a record year-end liquidity position of more than $1.8 billion.

(Reporting by Chavi Mehta in Bengaluru; Editing by Devika Syamnath and Maju Samuel) ‘Spider-Man’ saves time, AMC theater chain exceeds revenue estimates

Caroline Bleakley

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