Why Imax Stock Is Soaring On Thursday
Imax Corp (NYSE:IMAX) reported its second-quarter financial results before the bell Thursday. The stock gained after the print. Here’s a look at the highlights.
The Details:
Imax reported quarterly EPS of $0.18, which quashed the analyst consensus estimate of $0.07.
The quarterly sales were $88.96 million, down 9% year over year, beating the analyst consensus estimate of $76.01 million.
Content Solutions revenues of $35 million grew by 12% year-on-year, driven by the sale of the commercial and streaming rights of “The Blue Angels” documentary.
Technology Products and Services revenues decreased 20% year-on-year to $51 million due to lower box office tied rental revenues and fewer sale and hybrid installations.
The company reported 24 Imax system installations in the quarter, up 20% year over year, and 87 signings for new and upgraded IMAX systems, up 89% year over year.
Rich Gelfond, CEO of IMAX. “The second quarter offered strong evidence that we are at in inflection point in our business; we are on a tear with system sales activity, our system installations are up significantly, and the slate through 2026 is as strong as we’ve ever seen.”
“Our ongoing strategic network expansion will enable IMAX to fully capitalize on the tremendous film slate over the next several years — featuring new releases from some of our most successful filmmaking partners and studio franchises, as well as a record of at least 14 films shot with IMAX cameras in 2025.”
Imax raised its Imax system installation guidance to 130 – 150 for the full year 2024 versus 128 for the full year 2023.
IMAX Price Action: Imax shares are up 9.62% at $19.55 at the last check on Thursday.
Photo via Wikimedia Commons
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