What happened
Big-screen movie technology company IMAX (IMAX -1.77%) was a hit with investors Thursday. This wasn't exactly a surprise, as it released estimate-busting quarterly results that featured some beefy growth numbers. The ending was that IMAX stock closed the day more than 8% higher, in dramatic contrast to the 0.6% slide of the benchmark S&P 500 index.
So what
For its second quarter, IMAX's revenue landed at $98 million. This was a substantial improvement of 32% over the same period in 2022. More impressively, the movie theater tech solutions provider managed to more than triple its non-GAAP (adjusted) net income. This came in at $14.4 million, or $0.26 per share, compared to the year-ago quarter's $3.9 million.
Both headline figures were well ahead of analyst estimates. On average, these anticipated just over $88 million in revenue for IMAX, and $0.18 for adjusted, per-share net income.
According to the company, its solid performance was due to a "growing preference" for the big-screen experience it can provide, although it didn't back this with detailed data. It also touted its ability to expand operations throughout the world into the most promising markets in order to help fuel growth.
Now what
IMAX also benefited from good timing, as it published its earnings release just after a very hot weekend for the movie industry. The total box office take in the U.S. for the period was almost $308 million. This was not only double and then some from the previous weekend, but it also set a new high-water mark for the critical summer movie season this year.
