: Imax shares rally after earnings beat, with more gains from ‘Oppenheimer’ still to come

by | Jul 26, 2023 | Stock Market

Shares of Imax Corp. rallied after hours on Wednesday after the high-end movie-theater operator reported second-quarter results that beat estimates — helped by titles like “Super Mario Bros.” — with more gains likely on the way as theater operators ride blockbusters like “Oppenheimer” through the summer. The results, Imax
IMAX,
+2.84%
executives said, landed as more moviegoers are showing a preference for seeing movies in “premium” theaters following the shutdown of the industry during the pandemic. And they hit after “Oppenheimer,” directed by Christopher Nolan, brought in $35 million for the theater chain across only 740 of its screens worldwide.

The company — whose massive movie screens and high-resolution film quality make for a rich audiovisual experience — reported second-quarter net income of $8.4 million, or 15 cents a share, contrasting with a loss of $2.9 million, or 5 cents a share, in the same quarter last year. Revenue jumped 32% to $98 million, compared with $74 million in the prior-year quarter. Adjusted for share-based compensation and taxes, Imax earned 26 cents a share. Analysts polled by FactSet expected Imax to report adjusted earnings per share of 16 cents, on revenue of $86.6 million. Shares of the company, which runs more than 1,700 theaters in more than 80 countries, wer …

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