What's Going On With AMC Entertainment Stock Wednesday?

AMC Entertainment Holdings Inc AMC shares are in the spotlight Wednesday ahead of earnings. Here’s what you need to know before the print.

What To Know: AMC is set to report financial results for the first-quarter after the market close. Analysts are anticipating a loss of 79 cents per share and revenue of $871.002 million, according to estimates from Benzinga Pro.

AMC reported a loss of $1.30 per share and revenue of $954.4 million in the comparable quarter last year. The numbers came in ahead of analyst estimates for a loss of $1.60 per share and revenue of $941.93 million.

AMC also beat analyst estimates in its most recent quarter, reporting a loss of 54 cents per share and revenue of $1.1 billion. The company did not provide forward guidance, but in late April, AMC reported preliminary earnings for the first quarter, noting it expects to report a first-quarter loss of 62 cents per share and revenue of $951.4 million.

“As predicted, the box office in the first quarter was adversely impacted by the 2023 Hollywood writers and actors strikes. Nonetheless, AMC outperformed. AMC exceeded consensus estimates for Revenue, Adjusted EBITDA, Net Income, and Diluted EPS,” AMC CEO Adam Aron said at the time.

“While we anticipate that the second quarter box office will continue to be affected by the 2023 Hollywood strikes, we are ebullient about the upcoming film slate, and we expect to see an increasingly strong box office as the year progresses.”

As previously reported by Benzinga, Wedbush analyst Alicia Reese recently highlighted market share gains and additional growth potential in Europe, but warned that strength is being overshadowed by high debt and rising expenses. Wedbush currently has a Neutral rating on the stock and a price target of $4.

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AMC Price Action: AMC shares were volatile Wednesday ahead of earnings. The stock was up 1.16% at $3.23 at the time of publication, according to Benzinga Pro.

Photo: Paul Sableman from Flickr.