By Sam Boughedda
Investing.com — Shares of meme stock and movie theater chain AMC Entertainment Holdings Inc (NYSE:AMC) surged 14% Tuesday after the company announced fourth-quarter preliminary results.
AMC revealed total revenue for the quarter is approximately $1.17 billion, an enormous rise from the $162.5 million recorded during the same period last year.
The company was hit heavily by the pandemic and enforced lockdowns. However, the lifting of restrictions in the second half of 2021 and some blockbuster movie releases have pushed the company's preliminary results — which aren't official — above consensus.
The company's net loss for the period is expected to be between $194.8 million and $114.8 million, including an estimated one-time non-cash impairment charge of $50 million to $125 million. This is compared to a net loss of $946.1 million during the same period in 2020, which also included a non-cash impairment charge of $466.1 million.
“AMC’s 2021 results improved significantly as the year progressed, and we finished the year with the strongest quarter in two years," said Adam Aron, chairman and CEO of AMC Entertainment.
"The fourth quarter of 2021 marks a meaningful milestone with positive EBITDA of more than $145 million, positive Operating Cash Generated of more than $215 million, and a record year-ending liquidity position of $1.8 billion.”