AMC Entertainment Holdings Inc. AMC shares rose 3.4% in premarket trades Friday, after the movie theater chain and meme stock darling reported better-than-expected first-quarter revenue and adjusted earnings. AMC reported a net loss of $235.5 million, or a net loss of 17 cents a share, compared with a net loss of $337.4 million and a net loss of 33 cents a share in the same period last year. On an adjusted basis, AMC reported a net loss of 13 cents a share, compared with a net loss of 26 cents a share in the same period last year. Analysts surveyed by FactSet were looking for a net loss of 14 cents a share, or a net loss of 16 cents a share on an adjusted basis. The results mark AMC’s 15th straight quarterly loss. AMC reported first-quarter sales of $954.4 million, compared with $785.7 million in the same period last year. Analysts surveyed by FactSet were looking for sales of $938.2 million. “Our results for the first quarter of 2023 represent AMC’s strongest first quarter in four full years,” said AMC CEO Adam Aron, in a statement. “We kicked off 2023 by continuing on our positive glide path to recovery, with more than a 21% growth in total revenues and a $69 million improvement in Adjusted EBITDA compared to the previous year.” The first quarter of 2023 and fourth quarter of 2022 also mark AMC’s first two consecutive quarters of positive Adjusted EBITDA since March of 2020, according to Aron.
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