Marvel franchise helps keep streak going as Avatar’s theater chain beats expectations

May 5, 2023

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AMC Entertainment Holdings (New York Stock Exchange: asset management company) reported a 21.5% year-over-year increase in first-quarter FY23 revenue to $954.4 million, outpacing tConsensus $941.9 million.
Overall attendance rose 21.9% YoY to 47.6 million. Attendance in the US market increased by 25.5% year-on-year to 32.4 million. International market attendance increased 15% year-on-year to 15.3 million.
The average screen decreased 1% year-over-year from 10,099 to 9,998.
Adjusted EPS loss $(0.13) exceeds consensus loss $(0.16).
Adjusted EBITDA increased $68.8 million to $7.1 million.
AMC used $(189.9) million of operating cash flow, down from $(295.0) million a year ago. AMC held $495.6 million in cash and equivalents.
The adjusted net loss was $(179.7) million, compared with an adjusted net loss of $(266.3) million.
“Thanks to the continued strength of James Cameron’s “Avatar: Way of Water” and blockbuster first-quarter releases like Marvel, AMC’s theaters around the world are opening in theaters around the world,” said Adam Aron, chairman and CEO of AMC. Almost 48 million viewers in Q1. Ant-Man and the Wasp: Quantum Fever, Tenet III, Scream VI, Shazam! Wrath of God and John Wick Chapter 4.”
Price Action: AMC shares were up 4.22 percent at $6.17 when last checked Friday.
Photo via Wikimedia Commons

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