AMC Entertainment beats revenue estimates as people return to theaters

  • 3/10/2021
  • 00:00
  • 7
  • 0
  • 0
news-picture

(Reuters) - AMC Entertainment Holdings Inc posted a smaller-than-expected fall in fourth-quarter revenue on Wednesday, as more people visited its movie theaters following the easing of coronavirus restrictions in the United States. The COVID-19 pandemic devastated the film business in 2020, but AMC’s efforts to stay afloat by raising new capital coupled with a glimmer of hope from the roll-out of COVID-19 vaccines, signal a recovery in its hard-hit business. Over the past few months, AMC had reopened many of its theaters and implemented COVID-19 protocols by reducing seating and disinfecting regularly, which encouraged customers to visit cinemas again. Revenue fell to $162.5 million in the quarter ended Dec. 31, from $1.45 billion a year earlier. Analysts were expecting revenue of $142.4 million, according to IBES data from Refinitiv. Net loss attributable to AMC widened to $945.8 million, or $6.21 per share, during the quarter, from $13.5 million, or 13 cents per share, a year earlier. AMC booked a $466.1 million non-cash impairment charge during the quarter.

مشاركة :