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IMAX on Wednesday posted third-quarter earnings showing its second highest-grossing quarter ever at the global box office, led by Universal’s “Oppenheimer.” Shares of the company rose slightly. Here’s how the company performed in the third quarter compared to Wall Street estimates: Earnings per share: 22 cents vs. 23 cents per share, expected, according to LSEG, formerly known as Refinitiv Revenue: $103.9 million vs. $100.7 million, expected, according to LSEG The movie company reported a net income of $12 million, or 22 cents a share, versus a loss of $9 million, or 16 cents a share, a year earlier. Revenue was $103.9 million, up 51% year over year. Even as entertainment pushes forward into a post-pandemic era, with streaming dominant, IMAX CEO Richard Gelfond said the company’s strength shows the theatrical experience is not dead. “We’ve really delivered this quarter across every imaginable index, whether it’s financial, or whether it’s signing, or whether it’s our position in the ecosystem, or even in small ways many of you don’t see which is in our leverage in the day-to-day business,” Gelfond said on an earnings call Wednesday. “I’ve certainly rarely been as confident as I am today.” Key contributors to the third quarter’s growth included Hollywood titles such as “Oppenheimer,” which raked in more than $180 million in revenue, along with “Mission: Impossible — Dead Reckoning Part One” and “Indiana Jones and the Dial of Destiny.” Local language films also contributed to the company’s summer success, including Chinese title “Creation of the Gods: Kingdom of Storms” and India’s “Jawan.” The quarter was behind only the fourth quarter of 2019, when “Joker” and “Star Wars: The Rise of Skywalker” opened, in terms of grosses, IMAX said. In the third quarter, IMAX also generated 120 new signings for new and upgraded IMAX systems across the…

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Filed under: News - @ October 25, 2023 6:24 pm