Imax saw softer revenue and profit last quarter but blew away Wall Street estimates citing a surge in global box office in June and a big bump from the sale of Imax original documentary The Blue Angels to Amazon. The stock popped on the numbers, up nearly 4% in premarket trade. Sales fell 9% to $89 million for the three months ended in June but soundly beat consensus.
Ditto with adjusted ebitda (earnings before interest, taxes, depreciation and amortization) of $31 million (down 14%) and adjusted earnings per share of 18 cents (vs 26 cents in the 2023 quarter). Related Stories News 'Inside Out 2' Becomes Highest-Grossing Animated Film Of All Time Worldwide As It Skates Past 'Frozen II' With $1.462B+ News AMC Entertainment Swung To The Red Last Quarter On Fewer Movies But CEO Upbeat After June Turnaround Its global box office of $196.
4 million in Q2 after a June surge of hit releases accelerated momentum that has continued into Q3. It said it’s delivered 10% or more of the domestic opening on seven consecutive releases this spring on only 1% of North American screens. The record-breaking performance of Inside Out 2 in particular led to a succession of recent box office hits that Imax says demonstrates “supply, not demand, depressed the global grosses of the early summer.
” The slate in April and May was thin due to Hollwyood strikes last year, squeezing exhibitors. The Blue Angels , part of the company’s push into original docs, earned $2.2+ million in Imax and delivere.