2023-07-26 17:50:42 ET
IMAX ( NYSE: IMAX ) on Wednesday reported a top and bottom line Q2 beat, helped by more system signings as the movie industry continued to recover from the pandemic era.
Shares of the cinema operator advanced 4.3% to $18.11 after hours.
The results come on the heels of one of the company's biggest weekends ever at the global box office after Christopher Nolan's new biopic Oppenheimer raked in $35M on 740 IMAX screens worldwide.
"This past weekend demonstrates the paradigm shift at hand in moviegoing, as IMAX drove strong double-digit market share with a trio of Hollywood and local releases — led by the stunning performance of 'Oppenheimer' — lifting the Company to one of its best weekends of all time at the global box office," IMAX CEO Richard Gelfond said in a statement .
IMAX posted Q2 adj. earnings per share of $0.26, which beat estimates by 11 cents . Revenue surged more than 30% Y/Y to $98M, which also beat expectations by nearly $12M .
Gross margin rose 31% Y/Y to $58M while adj. EBITDA surged 29% Y/Y to $33M. Meanwhile, IMAX saw 29 system installations through June and 84 system signings to-date, with the latter figure higher than all of 2022 (47).
Top grossing IMAX releases in Q2 included The Super Mario Bros. Movie ( CMCSA ), Marvel's ( DIS ) Guardians of the Galaxy Vol. 3 and Sony's ( SONY ) Spider-Man: Across the Spider-Verse .
More on IMAX
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- IMAX growth metrics
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IMAX delivers strong Q2 beat days after massive $35M 'Oppenheimer' weekend haul