AMC Entertainment Holdings Inc. (AMC) on Wednesday reported a loss of $945.8 million in its fourth quarter.
On a per-share basis, the Leawood, Kansas-based company said it had a loss of $6.21. Losses, adjusted for asset impairment costs, were $3.15 per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of $2.80 per share.
The movie theater operator posted revenue of $162.5 million in the period, which beat Street forecasts. Three analysts surveyed by Zacks expected $144.3 million.
For the year, the company reported that its loss widened to $4.59 billion, or $39.15 per share. Revenue was reported as $1.24 billion.
On January 25 AMC “announced today that since December 14, 2020, it has successfully raised or signed commitment letters to receive $917 million of new equity and debt capital. This increased liquidity should allow the company to make it through this dark coronavirus-impacted winter”. Adam Aron, AMC CEO and President, said, “Today, the sun is shining on AMC.