Nov 8 (Reuters) – AMC Entertainment Holdings (AMC.N) beat third-quarter revenue estimates on Wednesday, riding on the success of “Barbie” and “Oppenheimer” movies as volumes of theatrical releases also improved at the box office.
Popular and diverse movie titles are driving moviegoers to theaters in a post-pandemic environment ruled by pent-up demand and high prices of tickets helping theater chain operators.
Attendance in AMC theaters increased 38.4% to 73,576.
“AMC is currently doing an excellent job of showing moviegoers and investors alike that it can fill a release slate with alternative content of various types if and when any release slate holes arise,” Wedbush analysts said last Friday.
The movie theater chain posted revenue of $1.41 billion for the quarter ended Sept. 30, compared with market estimates of $1.26 billion, according to LSEG data.
“For both revenue and adjusted EBITDA, these were AMC’s most successful third-quarter results in our company’s entire 103-year history,” CEO Adam Aron said.
AMC’s profit per share stood at 8 cents compared with target estimates of loss of 19 cents per share.
Reporting by Jaspreet Singh in Bengaluru; Editing by Krishna Chandra Eluri
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