AMC Entertainment Holdings (NYSE:AMC) Inc shares edged higher in after-hours trading after the theatrical exhibition company posted a smaller-than-expected 4Q loss.
For the quarter ended December 31, 2022, AMC reported an adjusted net loss per share of $0.14, ahead of the Street’s expectation of an adjusted net loss per share of $0.21 but greater than 4Q 2021’s adjusted net loss per share of $0.06.
The company posted revenue of $990.9 million, down from $1.17 billion for the year-ago quarter. Analysts had been expecting revenue of $1.02 billion, boosted by Avatar: The Way of Water’s strong box office performance.
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For the full-year 2022, AMC reported revenues of $3.91 billion, compared to $2.53 billion in 2021.
It narrowed its adjusted net loss per share to $0.69 from an adjusted net loss per share of $1.25 in the full-year 2021.
AMC CEO Adam Aron said in 2022, AMC continued on a multi-year glide path to recovery.
“AMC’s full-year 2022 results represented our strongest year since pre-pandemic 2019, with 2022 results improving over 2021, which in turn were better than those of 2020,” he said.
“We expect the recovery will continue apace in 2023, as Hollywood is expected to release approximately 75% more major movie titles than it did in 2022,” he said.
Aron also noted that 4Q 2022 revenue per patron of $19.98 was well above pre-pandemic levels, “thanks to rising ticket prices and the consumer’s continued predilection to indulge more at our concession stands in our high-margin food and beverage business,” he said.
AMC stock had added 0.7% at US$7.19 following the release of its results.
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