Stock Track | AMC Entertainment Surges Nearly 10% on IMAX's Upbeat Earnings and Bullish Outlook

Stock Track07-26

AMC Entertainment Holdings, Inc (NYSE: AMC) shares rallied nearly 10% on Thursday, reversing the previous day's losses, as the movie theater chain got a boost from IMAX Corporation's (NYSE: IMAX) upbeat second-quarter earnings report and raised guidance.

IMAX, a key partner of AMC in the movie theater industry, reported better-than-expected quarterly sales of $88.96 million, beating analyst estimates of $76.01 million. The company's earnings per share of $0.18 also surpassed the consensus estimate of $0.07. IMAX increased its 2024 system installation guidance to 130-150, up from 128 for 2023, citing new releases from its filmmaking partners and studio franchises.

The positive earnings report from IMAX, coupled with its optimistic outlook, likely boosted investor sentiment towards the movie theater industry, including AMC. Additionally, AMC's Chair and CEO Adam Aron flagged a bullish outlook for the movie-going business, highlighting the boost in daily revenue from June 2024 and continued box office momentum in the second half of 2024 and into 2025 and 2026.

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