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AMC's Barbenheimer revenue tempered by another stock sale

Nov 13, 2023
Data: Company earnings reports; Chart: Axios Visuals
Data: Company earnings reports; Chart: Axios Visuals

AMC's financial troubles upended what should have been a celebratory earnings season driven by the Barbenheimer phenomenon.

Why it matters: As the largest movie theater chain in the world, AMC's status is often viewed as a bellwether for the entire exhibition industry.

What's happening: Thanks to the twin performances of "Barbie" and "Oppenheimer," which both came out in the middle of July, AMC had its highest revenue ever for a third quarter.

  • However, that box office smash was tempered recently by the sale of $350 million in stock — another step taken to shore up its wounded balance sheet.
  • The sale, which printed last Thursday morning, sank AMC's stock price by 20%.

By the numbers: Barbenheimer was a boon for the theater business during the third quarter.

  • Cinemark and Canada's Cineplex both saw record revenues for a third quarter.
  • "Oppenheimer" became the fourth-highest-grossing film in Imax history and helped push the company to its highest-grossing summer ever in 54 countries, including the U.S.

What's next: Despite looming cash issues, AMC is looking at another strong quarter with Taylor Swift's and Beyonce's concert films, of which AMC is both a distributor and exhibitor.

  • The end of the actors' strike saved AMC and other theaters from what would have been a disastrous 2024 summer movie season, though the lengthy work stoppage will still lead to more delays into 2025 and beyond.
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