AMC revenue beats, loss narrows as movie buffs return to theaters By Reuters

© 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.

Disclaimer: Fusion Media wish to remind you that the info contained on this web site shouldn’t be essentially real-time nor correct. All CFDs (shares, indexes, futures) and Foreign exchange costs will not be supplied by exchanges however reasonably by market makers, and so costs is probably not correct and should differ from the precise market worth, that means costs are indicative and never acceptable for buying and selling functions. Due to this fact Fusion Media doesn`t bear any accountability for any buying and selling losses you may incur on account of utilizing this knowledge.

Fusion Media or anybody concerned with Fusion Media won’t settle for any legal responsibility for loss or injury on account of reliance on the knowledge together with knowledge, quotes, charts and purchase/promote indicators contained inside this web site. Please be totally knowledgeable relating to the dangers and prices related to buying and selling the monetary markets, it is among the riskiest funding varieties attainable.

Source link


News7h: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button