IMAX Corp (NYSE:IMAX) stock was boosted Wednesday as Christopher Nolan’s movie 'Oppenheimer' helped drive the immersive big screen cinema brand to better-than-expected quarterly financial results – it posted a $12 million profit versus a $9 million loss this time last year.
Importantly, revenue soared to $102.9 million, representing a 51% surge on the $68.8 million banked in the third quarter of 2022, and came in ahead of analyst forecasts pitched at $100.6 million.
Earnings (adjusted EBITDA per share) were reported at 35 cents per share, easily exceeding Wall Street predictions for 22 cents.
In terms of gross box office sales, IMAX saw a total of $347 million globally, which marks it as the second-best quarter in the company’s history.
'Oppenheimer' alone generated $180 million of gross box office sales, with the atomic biopic, shot using IMAX cameras, now ranking in the top 5 all-time IMAX screened movies.
The quarter also benefitted from the latest 'Mission Impossible' and 'Indiana Jones' movies.
"IMAX financial results for the third quarter are spectacular by any measure,” chief executive Richard Gelfond said in a statement.
"We are programming by far the strongest and most diverse content portfolio in our history — Hollywood blockbusters, local language films, marquee theatrical releases by streamers, concert films, docs, Live events – and we couldn't be more pleased with the results across our global network.
"It is clear that IMAX is the preferred way to experience blockbuster entertainment globally, and our global footprint, differentiated technology, and asset-lite model have made us a consistent winner.”
Gelfond added: “We remain on track to deliver significant growth in system signings, installations, and adjusted EBITDA for the full year and one of the best years in our history at the global box office."
In New York, IMAX stock traded 4% higher in premarket deals, changing hands at $19.01.