Imax Corp., the entertainment technology company, reported a significant third-quarter earnings boost, surpassing estimates and outperforming the S&P 500's gains this year. The company's shares saw a premarket increase of 2%, contributing to a surge of 24.8% in 2023, which markedly surpassed the S&P 500's 10.6% gain.
The company's Q3 earnings were bolstered by strong performances from Hollywood blockbusters and flourishing markets in China, Europe, and Southeast Asia. Imax reported a net income of $12 million or 22 cents per share, a notable turnaround from the net loss of $9 million the company experienced during the same period last year.
Adjusted earnings per share for Q3 were 35 cents, a significant recovery from last year’s loss of 5 cents per share and exceeding the predicted 22 cents per share. The company's revenue also experienced a substantial uptick, climbing to $103.9 million from last year's $68.8 million and beating the anticipated $100.6 million.
Notably, this quarter was Imax's second highest grossing at the global box office. This robust performance underscores the company's solid financial recovery and its growing global market presence.
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