AMC Entertainment
‘s results, set to be released after tonight’s closing bell, will be all about this summer’s blockbuster movie phenomenon known as Barbenheimer.
The two movies opened at the beginning of the theater chain operator’s third quarter and went on to rule the summer. Barbie, by Warner Bros., has brought in $1.4 billion in worldwide box office sales since July 19, according to BoxOfficeMojo.com, while Universal’s Oppenheimer has sold $948 million worldwide.
That won’t be enough to completely pull AMC (ticker: AMC) back into the black, at least according to expectations tracked by FactSet. Analysts expect AMC to report a loss of 25 cents a share on revenue of $1.26 billion. That would be an improvement from a loss of $1.76 a share in the third quarter of 2022, when it reported sales of just over $1 billion.
If the third quarter estimates hold, they would compare to AMC’s second quarter earnings of 9 cents a share on revenue of $1.34 billion.
The results won’t include proceeds from Taylor Swift: The Eras Tour, which didn’t open in AMC theaters until after the third quarter ended. CEO Adam Aron recently said in a social media post that more than 10 million people had seen the concert movie, crossing $200 million in global box office. AMC is the distributor.
AMC’s results are also likely to show lingering effects from a prolonged strike by Hollywood actors that has pushed some potential blockbuster film releases into 2024. The actors union said late on Monday it had responded to the latest offer by studios and streaming companies but still remained apart on issues.
The third quarter included a 1-for-10 reverse stock split, followed by the conversion of APE preferred shares to common stock, and then the sale of 40 million shares, raising $325.5 million. AMC said the stock sale significantly increased its cash reserves.
Shares of AMC are down 71% so far this year and fell more than 6% on Tuesday.
Write to Liz Moyer at [email protected]
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