AMC Entertainment (New York Stock Exchange: AMC) possesses jumped 4.6% after hours, after his first quarter results showed revenue rebounding even stronger than expected and the company cut losses significantly as its business sought to return to normal following the COVID-19 pandemic.
The stock had slipped 8.7% in Monday’s regular session to hit its lowest point in nearly a year (its 52-week low of $9.56 came on May 10, 2021).
In the first quarter, total revenue jumped to $785.7 million, more than five times the figure from a year ago when it was plagued by theater closures during the pandemic. That was better than the analyst consensus of $743.4 million.
Similarly, net loss improved to $337.4 million from a loss of $567.2 million a year ago. And EBITDA jumped to -$61.7 million from -$294.7 million a year ago.
“We are continuing our pandemic recovery trajectory, more than quintupling revenue and improving Adjusted EBITDA by almost 80% compared to a year ago,” said CEO Adam Aron, who highlighted recent cinematic successes. month – Spider-Man: No Way Home, The Batman, Sonic the Hedgehog 2 and the new tube Doctor Strange in the Multiverse of Madness – as proof of the appeal of theatrical performances.
“Our operating and capital allocation priorities remain unchanged: relish and preserve our strong liquidity position, strengthen our balance sheet, innovate with our marketing programs to drive revenue, control costs, invest in our core business and continue to explore value-creating, transformative investment opportunities,” adds Aron.
In the all-important area of cash: net cash used in operations decreased to $295 million from $312.9 million a year ago. The cash balance was $1.165 billion; the company notes that including the undrawn revolving credit, it has cash availability of over $1.35 billion.
Upcoming conference call at 5 p.m. ET.