AMC Theaters had a challenging first quarter of 2024, with revenue remaining the same at $951 million compared to last year, due to a slow start and the impact of Hollywood strikes in the previous year.
Some of the key data from the major theater chain’s latest quarterly reports:
Net loss: AMC’s loss for Q1 was $163.5 million, an improvement from the $182 million loss in Q4 2023 and $235 million for the same quarter last year.
Loss per share: AMC has seen few profitable quarters since the pandemic, but has been consistently reducing its loss per share. In Q1 2024, the net loss was 62 cents per diluted share, meeting projections set by Zacks Investment Research.
The per share loss is slightly worse than the 54 cent loss reported last quarter but an improvement from the $1.71 loss reported in Q1 2023.
Debt reduction: AMC is also making progress in reducing its debt, with a reduction of $17.5 million reported. Most of the chain’s debt is due in 2026, and the company has proposed an extension. AMC also reported $624 million in unrestricted cash reserves.
Similar to other theaters, AMC faced a slow start to the box office due to a lack of major holiday hits and a low number of wide releases in January and February. Business improved in March with films like “Dune: Part Two,” “Kung Fu Panda 4” and “Godzilla x Kong,” but quarterly domestic grosses still decreased by 6.6% compared to last year.
With no films expected to earn a $100 million-plus domestic opening in Q2, AMC and other chains are likely to experience drops in revenue compared to the previous year. However, CEO Adam Aron remains optimistic for the second half of 2024, which will begin in July with the highly anticipated “Despicable Me 4” and “Deadpool & Wolverine.”
“While the second quarter box office will continue to be affected by the 2023 Hollywood strikes, we remain positive about the upcoming film lineup in the second half of 2024 and throughout 2025,” he said in a statement. “With many more great films planned for the remainder of 2024, 2025 and even well into 2026, we are highly confident in our ongoing recovery trajectory.”
