IMAX shares rise premarket on 3Q top and bottom line beat

Imax Corp.
IMAX,
-0.14%
reported third-quarter results that beat analysts’ top and bottom line estimates Wednesday, boosted by Hollywood blockbusters and strength in China, Europe and Southeast Asia. The high-end movie theater operator reported net income of $12 million, or 22 cents a share after a net loss of $9 million, or 16 cents a share, in the prior year’s quarter. On an adjusted basis, Imax reported earnings of 35 cents a share, after a loss of 5 cents a share in the prior year’s quarter. Analysts surveyed by FactSet were looking for adjusted earnings of 22 cents a share. The company’s revenue was $103.9 million, up from $68.8 million in the same period last year. Analysts surveyed by FactSet were looking for revenue of $100.6 million. The third quarter marked the company’s second highest grossing quarter of all time at the global Imax box office, Imax said, in a statement. Imax shares rose 2% in premarket trades. The company’s stock is up 24.8% in 2023, outpacing the S&P 500 index’s
SPX,
-0.82%
gain of 10.6%.