AMC Entertainment Holdings Inc (NYSE:AMC) has seen strong momentum since Imax Corp (NYSE:IMAX) jumped on strong second-quarter earnings results last week. Here's what you need to know.
What To Know: AMC shares have been trending higher in recent sessions since the stock popped last week following Imax's better-than-expected financial results.
Imax CEO Rich Gelfond said on the call that lingering effects of the pandemic and strikes are "firmly behind" the company, calling the quarter an "inflection point" for Imax's business.
AMC scheduled its second-quarter financial results for Aug. 2 and reported preliminary results last week.
AMC expects second-quarter revenue of approximately $1.03 billion versus estimates of $1.018 billion, according to estimates from Benzinga Pro. The company anticipates a second-quarter loss of 10 cents per share versus estimates for a loss of 43 cents per share.
AMC on Monday announced that it set new 2024 records for weekend attendance and admissions revenue at its U.S. theater locations this past Thursday through Sunday.
The record-breaking performance was led by the opening weekend of Walt Disney Co (NYSE:DIS) and Marvel's "Deadpool & Wolverine," which set new all-time opening weekend records for an R-rated film.
AMC also posted its highest food and beverage revenue for a single weekend since 2019. In the U.S., AMC said it sold more beer, wine and cocktails over the weekend than in any other weekend in AMC company history.
"AMC has been predicting for quite some time that moviegoing would return to lofty levels this summer. The trifecta of INSIDE OUT 2, DESPICABLE ME 4 and DEADPOOL & WOLVERINE, combined with a myriad of other successful movies, has proven us right," said Adam Aron, chairman and CEO of AMC.
Aron noted that moviegoing trends appear to be on an "upwards trajectory," and the company said it saw a "significant increase" in daily revenue in June, compared to April and May.
AMC Price Action: AMC shares were up 1.06% at $5.22 at the time of writing Tuesday, according to Benzinga Pro.