AMC Theatres, under the leadership of CEO Adam Aron, has reported a slight dip in first-quarter revenues due to weaker box office performance following last year’s Hollywood strikes. Despite this, the company saw a narrowing of its net loss as popular films like ‘Dune: Part Two’ and ‘Godzilla x Kong’ graced its screens.

For the three months ending on March 31, 2024, AMC Entertainment Holdings recorded overall revenues of $951.4 million, a marginal decrease from the previous year’s $954.4 million. This decline was attributed to a 6 percent drop in the North American box office for Hollywood films compared to 2023.

The release of blockbuster titles such as ‘Dune: Part Two’ and ‘Kung Fu Panda 4’ in early March helped offset a sluggish start to the year in terms of box office performance. The company’s net loss for the quarter stood at $163.5 million, an improvement from the $235.5 million loss reported in the same period last year. The diluted loss per share was 62 cents, down from $1.71 in the previous year.

Prior to the market close on Wednesday, analysts had anticipated first-quarter revenue of $871 million for AMC Theatres, with a projected loss per share of 79 cents. Admissions revenue for the quarter totaled $530.5 million, down from $534.1 million in the prior year, while concessions sales also saw a decrease to $321.2 million from $328.7 million.

During the first quarter, AMC welcomed a global attendance of 46.6 million patrons, marking a 2.1 percent decline from the same period in 2023 as the company continues its recovery from the pandemic. In the U.S., attendance reached 30.4 million patrons, compared to 32.3 million in the first quarter of 2023, while international markets attracted 16.1 million moviegoers, up from 15.2 million in the previous year.

Despite the challenges posed by a decline in the North American box office, AMC managed to increase its domestic market share, maintain total revenues in line with the previous year, and improve per patron profitability metrics to levels exceeding pre-pandemic standards. The company also implemented cost containment measures to address the evolving box office landscape.