AMC Entertainment (NYSE:AMC) CEO Adam Aron announced that 1 million investors have now enrolled in AMC’s Investor Connect.
Launched in 2021, Investor Connect lets AMC shareholders self-identify through the company’s website to receive special offers and company updates.
“ONE MILLION PEOPLE have now enrolled as members. While I get a few hate messages, AMC is SO fortunate to have passionate retail investors with us. TY, TY, TY!” said Adam Aron on Twitter.
AMC Entertainment announced in early May the movie theatre chain beat Wall Street expectations for its first quarter results.
“Our results for the first quarter of 2023 represent AMC’s strongest first quarter in four full years.
We kicked off 2023 by continuing on our positive glide path to recovery, with more than a 21% growth in total revenues and a $69 million improvement in Adjusted EBITDA compared to the previous year.
The first quarter of 2023 and fourth quarter of 2022 mark the first two consecutive quarters of EBITDA since March of 2020.
This progress is a testament to the ongoing recovery in the industrywide box office, as well as AMC’s enduring commitment to the excellence and innovation as our guests enjoy a superb movie-going experience at our theatres,” said AMC CEO Adam Aron.
AMC Entertainment stock is currently up more than +18% this year-to-date.
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Macquarie Analyst Expects to See Big Growth In AMC
Macquarie Analyst Chad Beynon expects to see big growth in AMC Entertainment.
“We expect AMC’s business to grow with the market and benefit from strong flow-through given significant fixed costs in the business,” the analyst predicted.
The analysts with Macquarie Research anticipate that domestic industry box-office revenue will reach $8.7 billion in 2023.
If that happens, it will represent a 19% year-over-year improvement.
“Road to recovery getting better with box-office strength,” said Macquarie Research analyst Chad Beynon.
“Overall, AMC is highly optimistic about film volumes recovering to pre-pandemic levels over the next few years, supported by growing theatrical aspirations from the likes of Amazon and Apple,” he continued.
The analyst firm also pointed to concession spending at AMC, with first-quarter food and beverage spending per person hitting an all-time high of $7.99, a 50% increase over 2019.
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