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AMC Entertainment Holdings Inc (NYSE:AMC) shares are trading higher. The company on Monday highlighted continued strong attendance trends at its movie theaters.
What Happened: AMC said more than 4 million domestic moviegoers spent part of their extended July 4 holiday weekend at AMC, making it the company’s busiest Wednesday through Sunday period this year in the United States.
4.2 million guests visited AMC’s U.S. locations from over the extended holiday weekend. The attendance was led by the debut of “Despicable Me 4,” which was reported to have opened to more than $120 million over the five-day period. Although the company didn’t provide details, it noted that attendance was “also strong” at its international locations.
“Needless to say, we are quite pleased to see the strong showing from our U.S. moviegoers during the Fourth of July holiday weekend. The performance of DESPICABLE ME 4 reinforces that this is a successful and beloved franchise, and we send our congratulations and gratitude to our partners at Universal and Illumination,” said Adam Aron, chairman and CEO of AMC.
“It’s also important to note that AMC’s weekend was driven by the wide-ranging appeal of several movies that offer distinct and diverse options.”
Last week, AMC shares rallied after “Inside Out 2” saw continued success at the box office. The film became the first movie since "Barbie" to cross the $1 billion mark. The animated film reportedly added another $78.3 million at the box office over the weekend making it the fifth highest-grossing animated film of all time, per Variety.
Recent reports also suggested that AMC was holding confidential talks with lenders about reducing its debt. On the company’s most recent earnings call, AMC CEO Adam Aron said the movie theater chain was working with lenders to refinance debt and aimed to do so “on attractive terms.”
AMC is due to report earnings again in early August. According to Benzinga Pro, the company is expected to report a loss of 42 cents per share and revenue of $1.09 billion for the second quarter.
AMC Price Action: AMC shares were up 4.36% at $5.27 at the time of publication, according to Benzinga Pro.
Photo: Paul Sableman from Flickr.
Posted In: AMC
