AMC Makes History with New High Breaking Record

AMC Entertainment (NYSE:AMC) has announced new high breaking records in its entire 103-year history.

Last week, the movie theatre company said it broke a 4-year weekend record as ‘Barbenheimer’ produced bigger results than anticipated.

“Barbie” ended up with $162 million in its first weekend of release, above Sunday’s already record-breaking estimate of $155 million. The Warner Bros. film, starring Margot Robbie declined just 9% from Saturday to bring in $43.7 million on Sunday.

“Oppenheimer,” also beat expectations with $82.4 million, slightly higher than Sunday’s huge $80.5 million projection.

At the international box office, Oppenheimer added $98 million for a global tally of $180 million.

“The box office powered to its fourth-biggest weekend in history with over $300 million industrywide.

The top three weekends of all time were led by the debuts of sequels in massive franchises — 2019’s “Avengers: Endgame” ($402 million collectively), 2018’s “Avengers: Infinity War” ($314 million collectively) and 2015’s “Star Wars: The Force Awakens” ($313 million collectively),” said Variety.

More than 7.8 million moviegoers attended AMC theatres that weekend breaking record for its biggest and busiest weekend since 2019 based on global attendance and global admissions revenue.

AMC Entertainment will announce its second quarter results for 2023 on Tuesday, August 8th.

The stock is currently up more than +27% this year-to-date and down more than -67% in the past year.

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Statements from CEO Adam Aron

On Monday, AMC CEO Adam Aron made the following statement:

 “The monumental success of BARBIE and OPPENHEIMER has the entire movie and movie theatre industry abuzz, with discussions of new records and new benchmarks being realized seemingly wherever you turn.

These two movies, along with the many others playing on our huge silver screens, continue to rewrite what is possible at the box office. At AMC, we are thrilled to add our own new all-time records into that conversation.

Achieving the most admissions revenue in a single week in AMC’s storied 103-year history is a testament to the moviegoing audience, who has demonstrated once again that they are ready, willing, and eager to come out to movie theatres in huge numbers.

Thank you to our guests for choosing AMC Theatres in the U.S. and ODEON Cinemas abroad.”

On Twitter, he reiterated with the following:

“Wanting some good news from AMC? It doesn’t get any better than this. In addition to last weekend being the highest grossing AMC weekend in 4 years, the week of July 21-27 was the highest grossing for AMC in our entire 103-year history. The best in ONE HUNDRED AND THREE YEARS !!!

And there’s more. The boom at our theatres continued this weekend. Thurs to Sun July 27-30 was the 3rd top box office weekend for AMC globally since we reopened in 2020 after pandemic closures. This follows last weekend being the 1st highest grossing weekend since our reopening.

If you are rooting for a full pandemic recovery for AMC in 2024 or 2025, as I am, the huge box office caused by Barbenheimer has to be a good and optimistic sign. Still, none of this changes that the year-to-date box office remains lower than that of 2019, or that there is uncertainty due to our having to cope with the potentially debilitating writers and actors strikes. The risks I cited in my Open Letter a week ago are real.”

Also Read: Goldman Sachs Gives AMC a New Price Target of $175

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