Improved Imax Q2 Earnings, Revenue Beats Wall Street Forecasts

Imax Corp. reported improved second-quarter revenue and earnings on Tuesday that exceeded Wall Street expectations. “Imax is on track to deliver its best year ever at the box office, with the success of ‘Spider-Man: Far From Home,’ ‘The Lion King,’ and our record-breaking, first local language animated release in China this past weekend, ‘Ne Zha,’ leading a strong second half film slate and building on our solid first-half,” Imax CEO Rich Gelfond said in a statement “Our continued success is driven by the privileged position we hold in the entertainment ecosystem, where our end-to-end technology empowers world-class creators to bring cultural events and communal experiences to life on a global scale.” The premium format film exhibitor reported adjusted per-share earnings of 32 cents, which was up slightly from the 30 cents per-share earnings the company reported during the same quarter a year ago. Imax’s earnings per share were also above the expected 29 cents per-share earnings analysts tracked by Yahoo Finance had forecast. Also Read: IMAX Entertainment Adds Mo Rhim, James Toney as SVPs Imax said it had gross profit of $59.6 million in the second quarter and net income of $11.4 million. Revenue for the second quarter amounted to...