High Box Office Numbers Indicates Big Growth for AMC

Today’s high box office numbers indicate big growth for AMC Entertainment (NYSE:AMC) as revenue nears pre-pandemic levels.

Box Office Mojo reports more than$2.2bn in gross revenue for the second quarter of 2023 alone.

That’s more than Q1 box office numbers at $1.7bn.

The industry expects The Flash from Warner Bros’ DC is heading for a Friday around $26M, which will yield a 3-day around $64M, and 4-day north of $72M+ across 4,234 movie theaters.

Spider-Man: Across the Spider-Verse is looking at a $8.4M third Friday, $28.9M third weekend, and running total of $286.8M by Monday, which is 14% ahead of the first Tom Holland movie, Spider-Man: Homecoming at the same point in time (that movie finaling at $334.2M), according to Deadline.

So far, the number 1 release across the industry for Q2 is The Super Mario Bros. Movie, grossing more than $571 million.

“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.

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.

“AMC Theatres across the globe welcomed nearly 48 million guests in the first quarter thanks to the continued strength of James Cameron’s AVATAR: The Way of Water, and the knockout power of first quarter releases like Marvel’s Ant-Man and The Wasp: Quantomania, Creed III, Scream VI, Shazam! Fury of The Gods and John Wick Chapter 4,” said AMC CEO Adam Aron.

AMC stock is up more than +19% this year-to-date.

Read: AMC CEO Announces New Food and Beverage Sales Record

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