IMAX ( NYSE: IMAX ) is 1.4% lower after hours following its third-quarter earnings , where it posted a surprise loss and just met revenue expectations.
Revenues did grow nearly 22% to $68.8M amid the ongoing recovery at the box office. Total IMAX gross box office rose 25% year-over-year, to $177.1M.
Net loss as reported got wider, though, to $9M from a loss of $8.4M a year ago. Adjusted net loss narrowed to $3M from $5M.
China net income was $4.2M.
"IMAX demonstrated the strength of its differentiated model in the third quarter — leaning into its diversified global content portfolio to grow revenue, box office, and EBITDA despite a temporary slowdown in the Hollywood pipeline," said CEO Richard Gelfond.
IMAX also boosted its share repurchase authorization by $200M.
Cash and equivalents at quarter-end came to $87.2M, and total liquidity (with $350M in credit capacity) was $437.4M. Meanwhile, total debt was $237.6M at quarter-end.
The company's looking to more blockbusters ahead that are fitting for its large-format screens, including the upcoming Marvel sequel Black Panther: Wakanda Forever and Disney's Avatar: The Way of Water.
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IMAX dips as Q3 brings surprise loss, in-line revenues