Maryam Nawaz
AMC Entertainment Holdings ( AMC -2.84% ) reports fourth-quarter results shortly after Tuesday’s market close, and it might be a better-than-expected financial performance. AMC slid during trading hours on Tuesday, ahead of its much anticipated fourth-quarter earnings report after the closing bell.
Stocks of AMC fell by 2.84% and closed the first trading day of March at $18.32. AMC likely succumbed to market weakness during the session, as all three major indices headed south with the situation in Ukraine intensifying over the past day. The Dow Jones tumbled by 597 basis points, as the blue-chip index was hit by oil prices hitting a seven-year high during the session. The S&P 500 and NASDAQ fell by 1.55% and 1.59% respectively as well.
On Tuesday afternoon, the leading multiplex operator reports its fourth-quarter results. The Recent trends are encouraging.
The company did not disappoint as AMC beat on both revenue and earnings per share for the quarter. AMC likely needs blockbusters of the magnitude of Spider-Man to meet revenue guidance moving forward. AMC also revealed a co-branded credit card that will be released in the near future.
AMC also announced that it is having an executive team shuffle as well. Head of US operations, John McDonald, is retiring after 47 years with the company, and Stephen Colanero is stepping away from his position as executive VP and Chief Marketing Officer.
