‘Avengers: Endgame’ Box Office Propels Imax’s Strong Q2 Financial Performance

imax, earnings, china, coronavirus

Imax beat Wall Street estimates in the second quarter thanks to healthy grosses from Avengers: Endgame screenings and overall strength in China.

Total revenue hit $104.8 million in the quarter, with earnings per share at 32 cents on an adjusted basis.

Global box office from films exhibited in Imax formats grew 6.5% to $364.9 million, up from $342.6 million in the second quarter of 2018. A total of 19 films (15 new and 4 carryovers) were
exhibited in the quarter, compared to 14 films (10 new and 4 carryovers) in the second quarter of 2018.

“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 the earnings release. “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 total Imax theater network consisted of 1,541 systems as of June 30, of which 1,445 were in commercial multiplexes. Including upgrades, there were 612 theaters in backlog as of June 30, compared to the 635 in backlog as of the same quarter in 2018.

Imax also signed contracts for 54 new theaters and 19 upgrades in the second quarter of 2019, reflecting the strong demand for our systems. During the quarter, the company installed 35 theater systems, 27 of which were for new theater locations.

This article was printed from https://deadline.com/2019/07/avengers-endgame-box-office-propels-imaxs-strong-q2-financial-performance-1202657336/