IMAX Corp (NYSE:IMAX) shares rallied more than 10% on Thursday after the entertainment technology company reported second-quarter revenue and earnings that beat expectations as blockbuster movie releases drew bigger audiences to its theaters.
While Spider-Man: Across the Spider-Verse and The Super Mario Bros. Movie were the main attractions during the quarter to June 30, 2023, the company is looking to releases of the past weekend including Oppenheimer and Mission Impossible Dead Reckoning fill even more seats.
The debut of Oppenheimer brought in $35 million for the theater chain across only 740 of its 1,700 screens worldwide.
"This past weekend demonstrates the paradigm shift at hand in moviegoing, as IMAX drove strong double-digit market share with a trio of Hollywood and local releases — led by the stunning performance of 'Oppenheimer' — lifting the company to one of its best weekends of all time at the global box office,” CEO Richard Gelfond said in a statement.
"We remain confident we will continue to drive growth in 2023 across global box office, system signings, installations, and adjusted EBITDA."
Net sales for the quarter jumped 32% to $98 million, topping the $86.6 million expected by analysts polled by FactSet.
It reported adjusted EPS of $0.26, up 271%, and ahead of the $0.16 analyst consensus.
The company’s shares traded 11% higher at $19.32 by midday in New York.
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