AMC Entertainment Holdings Inc AMC shares are trading lower Wednesday morning after the company reported third-quarter financial results.
AMC said third-quarter revenue increased 26.9% year-over-year to $968.4 million, which beat average analyst estimates of $961.09 million, according to Benzinga Pro. The company reported a quarterly net loss of 20 cents per share, which beat average estimates for a loss of 24 cents per share.
AMC ended the quarter with $895.8 million in available liquidity.
"Exactly as anticipated and foreshadowed on our last quarterly earnings call, our third quarter results were impacted by a particularly soft industry-wide box office in the latter two-thirds of the 2022 third quarter," said Adam Aron, chairman and CEO of AMC Entertainment.
AMC noted that it has sold 14.9 million shares of its AMC Preferred Equity Units APE for total proceeds of $36.4 million.
The AMC CEO highlighted a strong release slate for the fourth quarter.
"Our recovery continues, and we look forward with enthusiasm to a return to a more robust film slate in the fourth quarter of 2022, which has already started strong with the release of BLACK ADAM," Aron said.
“Beyond our ongoing operating recovery, AMC has been strengthened by our recent capital markets activities, notably debt reduction, debt refinancing, and equity capital raising. These actions bolster our agility and allow us to pursue strategic opportunities, like our recently announced Zoom Rooms at AMC, to transform our company in a post-pandemic environment."
AMC Price Action: AMC has a 52-week high of $34.33 and a 52-week low of $5.17.
The stock was down 6.76% at $5.24 at time of publication.
Photo: Dave Dugdale from Flickr.
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