© Reuters. FILE PHOTO: An AMC theatre is pictured amid the coronavirus illness (COVID-19) pandemic within the Manhattan borough of New York Metropolis, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri/File Photograph/File Photograph
(Reuters) -AMC Leisure Holdings Inc on Monday blew previous estimates for quarterly income, as almost all of its theaters reopened and moviegoers returned for brand spanking new releases resembling “Shang-Chi and the Legend of the Ten Rings” and “Black Widow”.
The world’s largest movie-theater firm additionally posted a smaller-than-expected loss, with rising COVID-19 vaccinations and easing curbs attractive shoppers again to the massive display after months of shutdown after they had resorted to streaming new releases from dwelling.
Marvel’s “Shang-Chi” was one of many largest grossers for the reason that pandemic and broke a box-office report for the Labor Day weekend. For the present quarter, AMC’s slate consists of “Venom: Let There Be Carnage” and the most recent James Bond movie, “No Time to Die”.
“Increasingly main movies are on the docket for launch within the the rest of 2021, and all through 2022… our spirits are upbeat,” Chief Govt Officer Adam Aron mentioned in an announcement.
“Nevertheless … nobody ought to have any illusions that there’s no more problem forward of us nonetheless to be met. The virus continues to be with us,” he mentioned.
The corporate’s shares have been down about 2% in prolonged buying and selling, however have risen over twenty instances in worth thus far this yr, largely pushed by a military of retail traders coordinating their shopping for on boards resembling Reddit’s WallStreetBets.
AMC’s internet loss narrowed to $224.2 million for the third quarter ended Sept. 30 from $905.8 million final yr.
On a per share foundation, it misplaced 44 cents. Analysts have been anticipating a 53 cents loss, in keeping with IBES knowledge from Refinitiv.
Income rose to $763.2 million from $119.5 million, beating estimates of $708.3 million.
Income from simply theater meals and beverage gross sales surged over ninefold to $265.2 million, amid broader worth hikes of every little thing from sodas to cookies.
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