“AMC has been a “meme stock” favorite this year. Millions of worldwide retail traders have backed the stock crushing short-sellers, and sending share prices higher. AMC shares are up 1860% YTD“– Paul Ebeling
AMC (NYSE:AMC) reported its Q-3 results, which beat on the top and bottom line.
Below are the results Vs consensus estimates by Wall Street analysts, as follows:
Adjusted EPS (loss): -.44 Vs -.53 estimates
Revenue: $762.2-M Vs estimates of $708.3-M
The company said 40-M guests visited AMC theaters worldwide during Q-3 of Y 2021. Wall Street was expecting consolidated attendance of 42.8-M.
“Our quarter-ending liquidity as of September 30, 2021, of more than $1.8 billion, including cash and our undrawn revolving credit lines remains at near-record levels, and also gives us comfort,” CEO Adam Aron said in a statement.
“One can see and feel that our industry and our company are on a path of recovery and improvement“, he went on to say “we are not yet where we want and need to be.”
“The virus continues to be with us, we need to sell more tickets in future quarters than we did in the most recent quarter, and Adjusted EBITDA is still well below pre-pandemic levels,” he said.
AMC recently announced that domestic and international ticket sales in October were stronger than in any month since the start of the VirusCasedemic in Y 2020.
On Monday, AMC announced it will team with Disney “to bring four fan favorite movies back to the big screen” from November 12-14 at more than 200 theater locations in the US.
In August, CEO Aron said AMC’s theater level cash flows will turn positive in Q-4 of this yr, assuming domestic box office ticket sales can hit $5-B for Y 2021.
The stock’s upward movement has allowed the company to raise cash by selling equity. At the end of Q-2, the company had nearly $2-B in cash.
CEO Aron uses Twitter (NYSE:TWTR) to communicate with the retail crowd following AMC.
At the weekend, CEO Aron urged investors on Twitter to tune into the company’s conference call after results are released on Monday. More than 10,000 people listened to each of the last 2 earnings call, according to the company.
The theater chain is taking steps to adopt cryptocurrencies. In the company’s last earnings call, Aron announced AMC would begin accepting Bitcoin (BTCUSD) as payment by the end of Y 2021.
He recently polled his Twitter followers asking if the company should also start accepting Shiba Inu (SHIBUSD), the latest Bull running meme token
Have a prosperous day, Keep the Faith!