Shares of Imax Corp. rallied after hours on Wednesday after the high-end movie-theater operator reported second-quarter outcomes that beat estimates — helped by titles like “Super Mario Bros.” — with extra features doubtless on the way in which as theater operators journey blockbusters like “Oppenheimer” via the summer time.
The outcomes, Imax
IMAX,
executives stated, landed as extra moviegoers are displaying a desire for seeing films in “premium” theaters following the shutdown of the trade through the pandemic. And they hit after “Oppenheimer,” directed by Christopher Nolan, introduced in $35 million for the theater chain throughout solely 740 of its screens worldwide.
The firm — whose large film screens and high-resolution movie high quality make for a wealthy audiovisual expertise — reported second-quarter internet revenue of $8.4 million, or 15 cents a share, contrasting with a lack of $2.9 million, or 5 cents a share, in the identical quarter final yr. Revenue jumped 32% to $98 million, in contrast with $74 million within the prior-year quarter.
Adjusted for share-based compensation and taxes, Imax earned 26 cents a share.
Analysts polled by FactSet anticipated Imax to report adjusted earnings per share of 16 cents, on income of $86.6 million.
Shares of the corporate, which runs greater than 1,700 theaters in additional than 80 international locations, had been up 3% after hours.
Richard Gelfond, Imax’s chief government, stated that the gross sales from “Oppenheimer” over the previous weekend represented a “paradigm shift at hand in moviegoing.”
The movie-theater trade has suffered tremendously in recent times because of pandemic-related shutdowns and a broader shift to dwelling viewing and streaming. The Hollywood writers’ and actors’ strikes, in the meantime, have left manufacturing in flux. Movie-theater operators are hoping that large releases like “Barbie” and “Oppenheimer” can revive their fortunes and maintain them going ahead.
Earlier this month, Imax additionally cited a giant gross sales bump from “Mission: Impossible — Dead Reckoning Part One.” For the second quarter, which ended June 30, executives on Wednesday referred to as out “Super Mario Bros.,” “Guardians of the Galaxy Vol. 3” and “Spider-Man: Across the Spider-Verse” as film titles that helped outcomes.
Source web site: www.marketwatch.com
