AMC Entertainment Holdings Inc. shares tumbled 10% Thursday, after the cinema chain operator posted a wider-than-expected loss for the first quarter.
The company AMC, -9.08% had a net loss of $130.2 million, or $1.25 a share, after earnings of $17.7 million, or 14 cents a share, in the year-earlier period. Revenue fell to $1.200 billion from $1.384 billion. The FactSet consensus was for a loss per share of 55 cents and revenue of $1.194 billion.
The company is expecting the year to be back-end loaded given the slate of films due and noted that the first quarter faced a tough comparison given the success of “Black Panther” in early 2018. The U.S. box office declined by 16.2% in the first quarter, but attendance at AMC fell by 10.1%.Related: How the Disney-Netflix streaming war will create collateral damage
“We are also pleased to report that the A-List program was profitable and was accretive to adjusted Ebitda in the first quarter of 2019,” he said. “We continue to believe that by the end of the year. A-List will be $3 accretive to adjusted Ebitda on a per member per month basis.”
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