Summer blockbusters such as “The Meg” and “Mission: Impossible – Fallout” helped Imax beat third quarter earnings expectations.
The giant screen exhibitor reported earnings of $5.02 million and revenue of $82.1 million.
The compared favorably to a loss of $850,000 in the year-ago period, but was down slightly from the $98.8 million in revenues that the company reported during the same quarter in 2017.
Earnings per share of 14 cents were up from 8 cents in the prior year quarter.Imax’s results roundly beat projects.
Wall Street analysts’ forecasts predicted the company would post earnings per share of 11 cents on $81.2 million.
In addition to a few well-timed popcorn movie hits, Imax also benefited from the Chinese box office.
The exhibitor has invested heavily in the Asian market in recent years, building a number of locations.
The company’s box office haul in China increased 30.5% in the third quarter, which Imax attributed to a number of local language successes.
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