‘Spider-Man’ saves the day, theater chain AMC beats income estimates By Reuters

© Reuters. FILE PHOTO: An AMC theatre is pictured in Occasions Sq. within the Manhattan borough of New York Metropolis, New York, U.S., June 2, 2021. REUTERS/Carlo Allegri

By Chavi Mehta

(Reuters) -AMC Leisure Holdings Inc beat estimates for fourth-quarter income on Tuesday as box-office hits corresponding to “Spider-Man: No Manner Dwelling” introduced individuals again to the films.

Lengthy-awaited releases together with the James Bond movie “No Time To Die” and Marvel’s “Venom: Let There Be Carnage” additionally helped the theater chain recuperate from pandemic restrictions that had introduced movie-going to a standstill.

Pressures from inflation, labor shortages, provide chain disruptions in addition to the disaster in Europe after Russia invaded Ukraine may pose challenges for the corporate, Chief Government Officer Adam Aron mentioned on a post-earnings name.

Earlier this 12 months, worries over the Omicron variant pushed producers to postpone film releases.

“The field workplace pacing and our leads to 2022 are anticipated to be closely weighted in direction of the second half of the 12 months,” Aron mentioned.

AMC, which noticed a footfall of practically 60 million throughout the quarter, mentioned bookings are very sturdy for “The Batman” movie opening this weekend. It additionally expects to profit from releases like “Prime Gun: Maverick” and “Black Panther: Wakanda Ceaselessly” later this 12 months.

AMC’s CEO pressured on initiatives like variable pricing of tickets in the USA, deal with NFTs or non-fungible tokens, doubtlessly issuing its personal cryptocurrency and promoting its personal branded popcorn to develop enterprise in a post-COVID atmosphere.

At the moment, AMC is charging patrons greater for “The Batman” film than different movies at its U.S. areas, one thing it has been doing for years in Europe.

“In 2022, 2023 and past, we additionally anticipate to remodel our firm into turning into one thing a lot larger than solely a movie show operator,” Aron added.

The corporate’s income for the quarter ended Dec. 31 was $1.17 billion, above expectations of $1.10 billion, based on IBES information from Refinitiv.

Internet loss narrowed to $134.4 million, or 26 cents per share, from $946.1 million, or $6.21 per share, a 12 months earlier.

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