Imax saw revenue and profit decline in the latest quarter, but beat Wall Street expectations. The film reported a global box office surge in June and a big boost from the sale of the original Imax documentary The Blue Angels to Amazon.
IMAX Q2 2024 Earnings Summary – Industry Profit & Growth!
Shares rose nearly 4% in pre-market trading.
Revenue fell 9% to $89 million for the three months ended June, but comfortably beat consensus. So did adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $31 million, down 14%, and adjusted earnings per share of 18 cents (down from 26 cents in the 2023 quarter).
The global box office of $196.4 million in Q2 after a wave of hit releases in June accelerated momentum that continued into Q3. The company said it has delivered 10% or more of its domestic opening on seven consecutive releases this spring to just 1% of North American screens.
