AMC Entertainment shares jumped as much as 27% on July 20 after the cinema chain reported the best quarter in its 106-year history. Revenue hit $1.6 billion, and adjusted EBITDA topped $300 million for the first time ever, reaching $321.4 million.
The company posted adjusted earnings of 14 cents per share, blowing past analyst forecasts of a 6-cent loss. Attendance rose 13.5% year-over-year even as AMC operated fewer theaters, driven by a blockbuster summer lineup including Toy Story 5, The Super Mario Galaxy Movie, and The Odyssey.
CEO Adam Aron said "there has never been a quarter like this one" in AMC's history, pushing back against what he called "prognosticators of doom" who doubted the chain's recovery. Despite the rally, AMC shares remain down roughly 99% from their 2021 meme-stock peak near $450, and the company still posted an $11.4 million net loss for the quarter as it works through heavy debt from the pandemic era.