Fiscal year 2020 first quarter earnings for movie theater chain AMC (NYSE:AMC) have its stock on the move in after-hours trading Tuesday. The company reported adjusted losses per share of $2.22 on revenue of $941.5 million. These numbers are both below Wall Street’s estimates of -$1.52 per share on revenue of $951.43 million.
Here’s a more thorough breakdown of the most recent AMC earnings report.
- Adjusted per-share losses were 126.5% wider compared to -98 cents during the same time last year.
- Revenue came in 21.6% lower than the $1.2 billion reported in the fiscal first quarter of 2019.
- Operating losses of $1.99 billion were 690.5% worse year-over-year, from -$33.7 million.
- The AMC earnings report also had net losses coming in at $2.18 billion.
- That’s a massive 2,046.1% drop from its net loss of $130.2 million from the same period of the year prior.
In the fiscal Q1 earnings report, president and CEO of AMC Adam Aron said:
“After starting the year with two solid months of revenue growth compared to last year, in mid-March we were forced to pivot the entire company to respond to the effects of the pandemic. We are confident we are taking the necessary steps on a broad array of fronts to ensure AMC’s future success as we navigate these turbulent and uncertain times.”
AMC noted that it’s working toward reopening all of its theaters globally. It plans to have this complete in July. The company has already reopened 10 theaters in various countries.
AMC stock was up slightly after markets closed on Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.