Published on 26 Apr 2024 on Zacks via Yahoo Finance
IMAX Q1 Earnings Beat, Revenues Fall Y/Y on Box Office Slump
IMAX Corporation IMAX reported first-quarter 2024 adjusted earnings of 15 cents per share, which beat the Zacks Consensus Estimate by a whopping 50% but declined 6.3% from the year-ago quarter.Total revenues of $79.12 million beat the Zacks Consensus Estimate by 1.6% but decreased 9% year over year. Greater China accounted for 27.1% of revenues. The metric declined 19.2% year over year to $21.4 million.Category-wise, technology sales and technology rentals were down 55.7% and 7.3% year over year to $7.9 million and $18.6 million, respectively. Image Enhancement & Maintenance Services and Finance Income were up 6.8% and 17.1% year over year to $50.3 million and $2.2 million, respectively.Segment-wise, Content Solutions revenues rose 6% year over year to $34 million in the first quarter of 2024. Technology Products and Services revenues decreased 16.5% year over year to $43.15 million. All Other revenues declined 38.3% year over year to $1.96 million.Shares of IMAX have returned 16.2% against the Zacks Consumer Discretionary sector’s 3.3% decline in the year-to-date period.
IMAX Corporation Price, Consensus and EPS Surprise
