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AMC Entertainment Holdings, Inc. (NYSE:AMC) shares are trading higher Wednesday. This positive movement possibly follows a series of favorable developments for the company this week.
AMC is scheduled to release its second-quarter financial results on August 2. Preliminary results indicate that AMC expects second-quarter revenue of approximately $1.03 billion. Additionally, the company expects a second-quarter loss of 43 cents per share.
During the week, AMC also announced it set new 2024 records for weekend attendance and admissions revenue at its U.S. theaters from Thursday to Sunday. This record-breaking performance was led by the opening weekend of Walt Disney Co (NYSE:DIS) and Marvel's “Deadpool & Wolverine,” which set new all-time opening weekend records for an R-rated film.
Furthermore, AMC posted its highest food and beverage revenue for a single weekend since 2019 and sold more beer, wine and cocktails over the weekend than in any other weekend in company history.
Why It Matters: CEO Adam Aron highlighted the upward trajectory of moviegoing trends and noted a significant increase in daily revenue in June compared to April and May.
AMC Price Action: AMC shares are up 5.19% at $5.37 at the time of writing, according to Benzinga Pro.
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