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Investing.com -- Imax Corp (NYSE:IMAX) reported second-quarter earnings that exceeded analyst expectations, driven by record North American box office performance and strong network growth worldwide.
The premium cinema technology company posted adjusted earnings per share of $0.26 for the second quarter, beating the analyst consensus of $0.21. Revenue came in at $91.7 million, slightly below the consensus estimate of $91.84 million but up 3% from $89 million in the same quarter last year. Imax shares edged up 0.3% following the announcement.
Imax’s performance was bolstered by a 41% YoY increase in gross box office to $281.1 million, with the company capturing approximately 3.6% of global box office market share on less than 1% of screens. This represents a 19% increase in market share compared to the previous year.
"IMAX delivered outstanding financial results in the Second Quarter as the key drivers of our business worked in concert, with strong network growth worldwide, record box office in North America, and impressive market share gains driven by more releases filmed with our technology than ever," said Rich Gelfond, CEO of IMAX.
The company’s Technology Products and Services segment saw revenue increase 9% YoY to $55.6 million, while Content Solutions revenue decreased 3% to $34 million. Notably, Content Solutions gross margin expanded significantly from 46% to 66% YoY.
Imax installed 36 systems during the quarter, a 50% increase from the 24 systems installed in the same period last year. The company’s commercial network grew to 1,750 locations worldwide, with a backlog of 501 systems.
"We remain on track to deliver a record $1.2 billion in global box office in 2025," added Gelfond. "Our market share on this summer slate has reached all-time highs thanks to an unprecedented run of eight Filmed for IMAX releases shot with our cameras, for our screens."
Total (EPA:TTEF) adjusted EBITDA increased 26% YoY to $39.1 million, with adjusted EBITDA margin expanding to 42.6% from 34.8% in the prior year period.
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