‘Dune 2,’ ‘Kung Fu Panda 4’ Help AMC Theatres Quarterly Earnings Beat Projections
08.05.2024 - 21:05
/ variety.com
Brent Lang Executive Editor Movie theaters can’t sell tickets if they don’t have a lot of new blockbusters to advertise on their marquees. And the actors and writers strikes that ground Hollywood to a standstill in 2023 left them with fewer movies to release as 2024 got started.
As the biggest exhibitor in the world, AMC Theatres certainly felt the lack of franchise movies and tentpole films as the year kicked off, but the company still managed to beat projections with its quarterly earnings. That was partly thanks to the March release of “Dune: Part Two” and “Kung Fu Panda 4,” popular sequels that helped off-set declining admissions in January and February.
Revenues at the the theater chain fell to $951.4 million from $954.4 million in the prior-year quarter, while net losses for the three month period ending in March topped out at $163.5 million, or 62 cents per share. That was an improvement on the $235.5 million or $1.71 per-share that AMC lost in the prior-year period.
Wall Street predicted that the theater chain would report earnings of 79 cents per share, as well as revenue of $871 million, according to Benzinga Pro. “We’re pleased to report that AMC outperformed in the first quarter,” Adam Aron, chairman and CEO of AMC, said in a statement, adding, “We had expected for some time the Hollywood actor and writer strikes of 2023 would impact the first quarter box office but were heartened by the strength of moviegoing in March which reminded us that better times are ahead.” Despite the brighter than expected financial picture, shares of AMC fell more than 1.5% in after-hours trading.
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