May 8, 2024 4:42pm | 2 minute read |
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This is the average amount that Nic Chahine bought in options. Don't sell covered calls or spreads…buy options. Most traders don't even have a 27% buy option win rate. His win rate is 83%. Here's how he does it.
movie theater operator AMC Entertainment Holdings (NYSE:AMC) announced its first quarter results after the market closed on Wednesday.
Key highlights include:
what happened: AMC Entertainment reported first-quarter revenue of $951.4 million, down 0.3% year-over-year. Total revenue exceeded the street consensus estimate of $871 million, according to data from Benzinga Pro.
The company reported a loss of 78 cents per share for the quarter, which beat the consensus estimate of a loss of 79 cents per share.
“I am pleased to report that AMC outperformed in the first quarter. AMC exceeded consensus estimates for revenue, adjusted EBITDA, net income, and diluted earnings per share,” said AMC CEO. Stated. adam aaron said in a statement.
“While we had expected for some time that the 2023 Hollywood Actors and Writers Strike would impact first-quarter box office sales, we are encouraged by the strong March box office performance and expect more It reminded me that better times are coming.”
Aaron said AMC gained domestic market share even though North American box office revenue in the first quarter was down 6% from a year earlier.
The company ended the first quarter with $624 million in unrestricted cash. The Company also raised additional gross proceeds of $124.1 million from the sale of common stock.
Related link: AMC stock to watch for first quarter earnings: Forecasts, analyst forecasts, will box office revenue recover?
What's next: Aaron said the company is working to reduce debt and extend debt maturities where possible.
“While second-quarter box office revenues continue to be affected by the 2023 Hollywood strike, we remain diligent about our upcoming film lineup for the second half of 2024 and throughout 2025,” Aaron said.
Following the success of Taylor Swift and beyonce Aaron said AMC is in talks with some of the “best music artists in the world.”
“Through this conversation, Billie Eilish has agreed to host a unique listening event at numerous AMC theaters across the U.S. next week on May 16th and 17th as a key part of the launch of her next album. Looking ahead, we expect AMC to continue breaking new ground and forging new paths with some of the world's most talented and beloved musicians. ”
AMC price action: AMC stock fell 2.82% to $3.10 in after-hours trading on Wednesday, but has a 52-week trading range of $2.38 to $62.30.
Read next: AMC Entertainment analyst cautious despite market share increase, European catalyst: 'High debt burden and dividend shortfall overshadow these positives'
Photo via Shutterstock.
Would you like to earn 27% every 20 days?
This is the average amount that Nic Chahine bought in options. Don't sell covered calls or spreads…buy options. Most traders don't even have a 27% buy option win rate. His win rate is 83%. Here's how he does it.
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