Imax Reports Better-Than-Expected Q1 Results

Imax Corporation IMAX reported its first-quarter financial results before the bell Thursday. Here's a look at the highlights. 

The Details:

Imax reported quarterly earnings of 15 cents per share which beat the analyst consensus estimate of 10 cents by 50%. Quarterly sales of $79.12 million beat the analyst consensus estimate of $78.18 million by 1.21%. 

The company reported 15 Imax system installations in the first quarter, up 67% year-over-year and 17 signings for new and upgraded IMAX systems worldwide year-to-date. 

Imax said global box office (GBO) revenue of $261 million marks its third highest grossing Q1 and was driven by “Dune: Part Two”, “Godzilla x Kong: New Empire”, “Queen Rock Montreal” and local language releases, which contributed 21% of quarterly GBO.

“IMAX powers awe-inspiring experiences for audiences around the world; our technology, deep relationships with creators, and global scale combine to make us a wholly differentiated platform, and as a result, one of the most consistent winners in global media and entertainment,” said Rich Gelfond, CEO of Imax. 

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IMAX Price Action: According to Benzinga Pro, Imax shares are down 3.45% at $17.05 at the time of publication Thursday.

Image: Courtesy of Imax Corporation