AMC Q3 Preview: 52-Week High in Reach for Stock, Will Spider-Man Help?

AMC Entertainment Holdings (NYSE:AMC) stock is nearing a 52-week high ahead of third-quarter financial results, which will be reported Wednesday after market close.

Here are the earnings estimates, analyst ratings and key items to watch.

AMC Q3 Earnings Estimates

Analysts expect AMC to report third-quarter revenue of $1.54 billion, up from $1.30 billion in last year’s third quarter, according to data from Benzinga Pro.

The company has beaten analyst estimates for revenue in eight straight quarters and in nine of the last 10 quarters overall.

Analysts expect AMC to report earnings of 4 cents per share, an improvement from a loss of 21 cents per share last year.

The company has beaten analyst estimates for earnings per share in five of the last 10 quarters, including the most recently reported second quarter.

AMC Analyst Ratings

Few analysts currently track AMC stock. Here are some of the latest analyst ratings on AMC stock and their price targets:

• Citigroup: Maintained Sell rating, with price target $2.20
• Macquarie: Maintained Neutral rating, with price target $3

Key Items to Watch

AMC stock traded higher Tuesday after peer Cinemark Holdings (NYSE:CNK) reported quarterly results earlier in the day. Cinemark’s double beat and strong financial performance could be a sign of what’s to come from AMC.

Cinemark reported its best-ever third-quarter revenue total and second-best quarterly revenue total in company history.

This comes from a summer box office that was the best in the post-COVID time period and saw several blockbusters.

Third-quarter domestic box office was $3.05 billion, up 28.6% year over year, according to data from BoxOfficeMojo.

This includes $951.8 million for "Spider-Man: Brand New Day" and $619.0 million for "The Odyssey."

Those are the domestic totals, with both movies also seeing strong international performances.

Those movies are likely to factor into AMC’s third-quarter results and could help the company post records.

AMC reported several records for the second quarter, including revenue and EBITDA.

AMC CEO Adam Aron expressed confidence in a third-quarter film lineup that had already seen "The Odyssey" post strong early results when second-quarter results were reported.

Higher food and beverage revenue has been a strength for AMC in recent quarters and could be an area to watch, especially with strong box office figures. The company’s collectible popcorn buckets could also be an area to watch, to see whether Aron provides a dollar amount for what was made in the quarter or year-to-date.

A blockbuster lineup for the fourth quarter will also likely be an area to watch to see whether the company shares any financial expectations.

Movies to be released in the fourth quarter include "The Hunger Games: Sunrise on the Reaping," "Avengers: Doomsday," "Dune: Part Three" and "Jumanji: Open World."

AMC Stock Price Action

AMC stock was up 2.7% to $3.28 on Tuesday versus a 52-week trading range of $0.93 to $3.40. Shares traded as high as $3.36 on Tuesday, coming close to a new yearly high.

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