Movie theater leader AMC Entertainment Holdings Inc (NYSE: AMC) reported fourth-quarter financial results after market close Tuesday. The company also shared an update on liquidity and a planned shareholder vote.
What Happened: AMC reported fourth-quarter revenue of $990.9 million, down 15.4% year-over-year. The revenue total beat a Street estimate of $977.7 million.
The company’s loss of 14 cents per share in the fourth quarter also beat a Street estimate of a loss of 21 cents per share.
Benchmark analyst Mike Hickey called the results from AMC “better than expected.”
“AMC expects the box office recovery will continue apace in FY23, as Hollywood is expected to release approximately 75% more major movie titles (as defined by a film generating $100 million) than it did in FY22,” Hickey said.
The analyst, who had a Neutral rating on AMC and no price target, said the first quarter box office performance was impressive with “Avatar: The Way of Water” leading the way.
Hickey highlighted a strong 2023 film slate with “Creed” and “John Wick” sequels among the March releases. AMC said its 2023 box office should grow between 15% to 25% compared to 2022.
Related Link: Trading Strategies For AMC Entertainment Stock After Q4 Earnings
What Others Are Saying: LightShed Partners …
