Revenues at the company behind wide-screen entertainment complexes rose 48% from the prior-year period to $92.1 million, while adjusted earnings per share hit 22 cents, a 214% jump from the year-ago period. Net income for the three months ending on March 31 topped out at $12.2 million, a big jump from the $1.1 million Imax reported in the same period in 2015.
That easily beat Wall Street’s projections. Imax was expected to report earnings of 15 cents a share and revenue of $83.9 million, according to FactSet. The company’s stock soared 5.80% to $34.85 in early morning trading on the strong earnings report.
Global box office at Imax jumped 64% to $272 million, and the company signed contracts to deliver 36 theaters in countries such as India, China and Japan. Imax also installed 19 theaters in the quarter.
Imax is currently showing Disney’s “The Jungle Book.” Future releases in the format include “Captain America: Civil War,” “X-Men: Apocalypse” and “Alice in Wonderland: Through the Looking Glass.”
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In a call with analysts following the results announcement, Imax CEO Richard Gelfond said that the company was seeing more demand for its cameras. Thirty minutes of the new “Captain America” movie were shot with Imax cameras and the company hopes to have as many as five films a year that use its technology.