AMC reported a fourth-quarter net loss of $287.7 million, or 26 cents a share, compared with a net loss of 13 cents a share in the same period last year. $AMC rose after hours as the theater chain’s performance topped Wall Street’s reduced targets:
AMC Entertainment Holdings Inc. reported a loss for a 14th consecutive quarter and fourth consecutive year Tuesday, and shares bounced around in after-hours trading.
See Now: AMC stock keeps rallying after popcorn collaboration with Walmart announced ahead of earnings AMC executives did not provide a financial forecast, though Aron noted that “the first-quarter domestic box office already has posted an impressive 44% increase over 2022,” while admitting again that “the industrywide box office will not return to prepandemic norms before 2024 or 2025 at the earliest.”
AMC announced in January a special meeting of shareholders to increase the number of AMC authorized shares from just over 524 million to 550 million and authorize a 1-for-10 reverse split of the company’s common stock, converting AMC Preferred Equity APE, +0.98% units into shares of common stock. The move is part of the company’s ongoing battle to eliminate debt, but has been held up by court proceedings that contributed to a big swing in AMC and APE stocks Monday.
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