AMC Entertainment Holdings, Inc. (NYSE: AMC) released its FY22 Q1 earnings results after the market closed on Wednesday. The World’s largest theatre chain posted a revenue of $785.7 million and an EPS loss of -$0.52 beating WallStreet Expectations.
As of March 31, 2022, the company had $1.164 Billion cash excluding $23.7 million worth restricted
cash. AMC currently has liquidity availability of more than $1.35 billion (including cash and undrawn revolver lines), however the Company does not anticipate the need to borrow under the revolver lines during the next twelve months.
Shares were up 4.8% following the announcement.
First Quarter Summary
- Total revenues grew to $785.7 million compared to $148.3 million for the first quarter of 2021.
- Net loss improved to $337.4 million compared to a net loss of $567.2 million for the first quarter of 2021.
- Adjusted EBITDA improved by $233.0 million to a loss of $61.7 million compared to a loss of $294.7 million for the first quarter of 2021.
- Available liquidity at March 31, 2022 was $1,376.0 million.
Reported vs. Estimated
EPS: -$0.52 vs -$0.65 expected
Revenue: $785.7 Million vs $736.23 Million expected
“Our results for the first quarter of 2022 represent AMC’s strongest first quarter in two full years. We continue on our pandemic recovery trajectory, more
than quintupling revenues and improving adjusted EBITDA by nearly eighty percent compared to a year ago. The significant progress AMC has made is very rewarding, as our guests continue to recognize the unparalleled movie-going
experience offered by AMC.”“The cumulative success of SPIDERMAN: NO WAY HOME, THE BATMAN, SONIC THE HEDGEHOG 2 and this past weekend’s opening of DR. STRANGE IN THE MULTIVERSE OF MADNESS, should leave no doubt about the enduring
appeal of theatrical exhibition. When Hollywood releases films that moviegoers want to see, people flock to cinemas in huge numbers to watch movies where they were designed to be seen, in theatres, on the big screen.”“The outlook for the theatrical box office during the remainder of 2022 is very exciting. AMC is ready to showcase compelling new releases including TOP GUN: MAVERICK, JURASSIC WORLD DOMINION, LIGHTYEAR, THOR: LOVE AND THUNDER, MINIONS: THE RISE OF GRU, BLACK PANTHER: WAKANDA FOREVER, and a host of other films providing something for everyone. And then comes the bell ringer. At year-end, the culmination of 2022 will be James Cameron’s AVATAR 2, the long-awaited sequel to what was at the time of its original release the #1 grossing movie of all-time.”
Adam Aron, Chairman and CEO of AMC
Earnings History
AMC Entertainment last reported earnings on March 1st, 2022. The company reported $0.11 earnings per share for the quarter, exceeding analysts’ consensus estimates of $0.19 by $0.08. The company earned $1.17 billion during the quarter, compared to the consensus estimate of $1.11 billion. Its quarterly revenue increased by 621.0% year on year. Over the last year, AMC Entertainment has generated $2.83 earnings per share ($2.83 diluted earnings per share).
Recent Developments
- AMC Entertainment Holdings purchased 22% of Hycroft Mining Holding Corporation (NASDAQ: HYMC).
- AMC CEO Adam Aron updated his investors by posting a tweet on Thursday, confirming that AMC Theatres have started accepting Dogecoin and Shiba Inu for payment. The CEO of the World’s largest theater chain had earlier promised that AMC would start accepting the now popular cryptocurrencies Dogecoin and Shiba Inu during his Q4 earnings call earlier that month.
Company Profile
AMC Entertainment Holdings, Inc. is a theatrical exhibition company based primarily in the United States and abroad. It owned or had a stake in theatres and screens. The headquarters of AMC Entertainment Holdings, Inc. is in Leawood, Kansas.
