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AMC Entertainment (AMC) Q2 2021 has won

Shares of AMC Entertainment rose nearly 6% after the company posted a tighter-than-expected loss during the second quarter.

Here’s what the company reported compared to what Wall Street was expecting, based on an analyst survey by Refinitiv:

  • Losses per share: 71 cents vs 91 cents expected
  • Revenue: $ 444.7 million vs. $ 382.1 million expected

AMC reported a net loss of $ 344 million, or 71 cents per share, compared to a loss of $ 561.2 million, or $ 5.38 per share, a year ago. Analysts had expected the company to lose 91 cents per share, according to Refinitiv data.

The cinema hall’s revenue reported revenue of $ 444.7 million, higher than analysts ’expectations of $ 382.1 million.

“AMC’s journey through this pandemic is not over, and we are not even out of the woods,” CEO Adam Aron said in a statement Monday. “However, while there are no guarantees as to what the future will bring in an ever-infected world, one can look ahead and predict a happy Hollywood ending to this story.”

The AMC Burbank 16 and the bronze statue of Batman in downtown Burbank.

AaronP / Bauer-Griffin | GC Images | Getty Images

By the end of June, all of AMC’s 593 American theaters were open to the public and 335 of its international theaters, or about 95%, were operational.

As of June 30, AMC had about $ 1.8 billion in cash and about $ 2 billion in available liquidity, the company said. These funds can be used by the company to buy or lease new theaters and to upgrade their existing venues with better seats and amenities.

The company has begun to expand the number of screens it operates. During the second quarter, it picked up locations in two locations in Los Angeles: the 14-screen cinema at The Grove shopping complex in the Fairfax neighborhood and the 18-screen location at Americana at Brand in Glendale. Both were first managed by Pacific Theaters and are owned by the Caruso real estate company. AMC did not disclose the terms of the lease.

In 2018, the Grove Theater was the second highest-grossing movie theater and the American was the fifth highest-grossing movie theater in the Los Angeles area. AMC is scheduled to reopen these theaters in August.

For months, stock enthusiasts, who call themselves “monkeys,” have been helping guide the stock to record highs. These new investors have been raised on traditionally very short stocks like AMC and have used their growing number to make waves on Wall Street.

The company’s shares have risen nearly 1,500% since January thanks to millions of these retail investors. However, the stock, which closed at $ 33.80 on Monday, was halved from its high of $ 72.62 in early June.

This is breaking news. Please check back for updates.


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