AMC is ‘no longer on its heels’ after strong quarter, meme-stock ‘war chest,’ CEO Adam Aron says
AMC Entertainment Holdings Inc. reported narrower fourth-quarter losses late Tuesday, saying that it is no longer reeling thanks to the meme-stock “war chest” it amassed in 2021.
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Revenue jumped to $1.172 billion, up from $162.5 million a year ago.
Analysts surveyed by FactSet expected the company to report a loss of 23 cents a share on sales of $1.09 billion.
AMC said last month it expected revenue at $1.172 billion, and estimated quarterly losses to range from $194.8 million to $114.8 million.
“Our positive recovery glide path from the global pandemic continued in earnest in the fourth quarter,” Chief Executive Adam Aron said in a statement Tuesday. “While not yet where we want to be, our progress is substantial and unmistakable.”
Aron said the company had a “monetary war chest” provided by its shareholders last year, and thanks to that, “AMC is no longer on its heels.”
AMC was one of the most notable “meme stocks” of last year, one of the mostly consumer-geared names that got boosts from retail investors that gathered on popular social-media forums.
AMC said it ended the year with available liquidity and cash and equivalents of about $1.8 billion and $1.59 billion. Shares of AMC rose less than 2% in the extended session Tuesday after ending the regular trading day down 2.9%.
