AMC Entertainment Announces Preliminary First Quarter Financial Results for 2024
AMC Entertainment Holdings, Inc. (NYSE: AMC), commonly referred to as AMC, today shared its unaudited preliminary financial results for the first quarter, which concluded on March 31, 2024. These results are provisional and are based on current management knowledge. They do not constitute the full financial statement for the quarter.
Key Preliminary Financial Highlights:
- Total Revenue: AMC reports an estimated total revenue of $951.4 million for this quarter, slightly down from $954.4 million in the same period last year.
- Net Loss: The company expects a net loss of approximately $163.5 million, an improvement from a net loss of $235.5 million in the first quarter of 2023.
- Loss Per Share: The diluted loss per share is projected to be $0.62, compared to $1.71 in the previous year.
- Adjusted EBITDA: is expected to be around $-31.6 million, compared to $7.1 million last year, affected partly by a one-time gain of $16.7 million from an early lease termination in 2023.
- Cash Position: AMC anticipates its cash and equivalents to be $624.2 million by the end of the quarter.
Additionally, AMC initiated an at-the-market equity program in March 2024, aiming to sell shares up to $250.0 million. As of April 25, 2024, the company has raised approximately $41.8 million from this initiative.
Adam Aron, Chairman and CEO of AMC, noted the impact of the 2023 Hollywood strikes on the box office but highlighted that AMC still managed to exceed consensus estimates for key financial metrics. He expressed optimism about the future, anticipating stronger box office performance as the year progresses.
AMC will release its complete and audited financial results for the first quarter on Wednesday, May 8, 2024, after the market closes.
