AMC Entertainment Holdings Inc. CEO Adam Aron has announced that the company achieved its highest revenue month in its 103-year history in July 2023. Aron attributes this success to the release of two highly anticipated summer blockbusters, “Barbie” and “Oppenheimer.” The simultaneous premieres of these films on July 21 sparked a phenomenon known as “Barbenheimer,” which captured the attention of the internet.
In addition to the revenue milestone, Aron emphasized AMC’s impressive second-quarter results in a recent tweet. The movie-theater chain and meme-stock favorite exceeded expectations for this period, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reaching $182.5 million. This represents a remarkable 71% increase compared to the second quarter of 2022 and marks AMC’s strongest quarterly performance in four years.
Despite Wednesday’s slight dip in AMC’s stock value, shares rose by 1% in premarket trading on Thursday. The company’s AMC Preferred Equity units also experienced a modest increase of 1.7% during premarket trading.
AMC’s plan to convert its Preferred Equity units into common stock faced a setback last month when a court rejected a proposed settlement. This conversion was an integral part of AMC’s strategy to reduce its debt. However, the company is now working on addressing the court’s concerns and has filed a modification.
According to FactSet, eight analysts have provided their ratings for AMC, with three recommending a hold and five suggesting a sell.
AMC continues to demonstrate its resilience and ability to attract audiences with blockbuster releases like “Barbie” and “Oppenheimer.” This record-breaking revenue month reaffirms the company’s position in the entertainment industry and solidifies its ongoing efforts to overcome financial challenges.
