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IMAX Rides on Scintillating Global Run of Godzilla vs. Kong
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IMAX Corp (IMAX - Free Report) is basking on the success of Godzilla vs. Kong that recently debuted in U.S. theaters and simultaneously on AT&T’s (T - Free Report) streaming service HBO Max. The company earned $4.5 million on 284 screens making Godzilla vs. Kong its biggest domestic opening weekend in more than a year.
In fact, Godzilla vs. Kong is currently IMAX's best domestic opening since January 2020 despite facing pandemic-related restrictions including capacity limitations of up to 25% in North America. IMAX screens accounted for 9.3% of the overall weekend box office domestically.
Moreover, IMAX has generated $28 million across all markets, globally, for the film since its release on March 26.
Markedly, Godzilla vs. Kong earned $13 million this weekend (Apr 3-4) across all markets, globally. Including $137.1 million in China so far, the movie is already close to cross $300 million mark at the global box office.
The upcoming release of Godzilla vs. Kong in Brazil and Japan, scheduled for April 29 and May 14, respectively, is expected to further boost IMAX’s top-line growth. Additionally, planned easing of capacity restrictions in the coming weeks in places like California is expected to benefit IMAX’s prospects.
Markedly, coronavirus-induced disruptions affected IMAX’s growth in 2020. Ticket sales have been significantly lower than normal levels in theaters as Hollywood movie studios have delayed the theatrical release dates for a number of films.
However, a strong movie release slate is expected to boost IMAX’s top-line growth in 2021. The list includes James Bond movie No Time to Die, Fast & Furious 9 and Top Gun.
Additionally, IMAX announced a slate agreement to release five current and forthcoming TOHO films in IMAX theaters in Japan. The deal marked the company’s biggest slate deal with a film studio outside Hollywood, thereby boosting its international presence.
Further, IMAX largely benefits from a solid theatre network and a strong rebound in Asia, particularly in China and Japan.
Long-term earnings growth rate for Rogers and TEGNA is pegged at 4.3% and 10%, respectively.
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IMAX Rides on Scintillating Global Run of Godzilla vs. Kong
IMAX Corp (IMAX - Free Report) is basking on the success of Godzilla vs. Kong that recently debuted in U.S. theaters and simultaneously on AT&T’s (T - Free Report) streaming service HBO Max. The company earned $4.5 million on 284 screens making Godzilla vs. Kong its biggest domestic opening weekend in more than a year.
In fact, Godzilla vs. Kong is currently IMAX's best domestic opening since January 2020 despite facing pandemic-related restrictions including capacity limitations of up to 25% in North America. IMAX screens accounted for 9.3% of the overall weekend box office domestically.
Moreover, IMAX has generated $28 million across all markets, globally, for the film since its release on March 26.
Markedly, Godzilla vs. Kong earned $13 million this weekend (Apr 3-4) across all markets, globally. Including $137.1 million in China so far, the movie is already close to cross $300 million mark at the global box office.
The upcoming release of Godzilla vs. Kong in Brazil and Japan, scheduled for April 29 and May 14, respectively, is expected to further boost IMAX’s top-line growth. Additionally, planned easing of capacity restrictions in the coming weeks in places like California is expected to benefit IMAX’s prospects.
IMAX Corporation Price and Consensus
IMAX Corporation price-consensus-chart | IMAX Corporation Quote
Markedly, coronavirus-induced disruptions affected IMAX’s growth in 2020. Ticket sales have been significantly lower than normal levels in theaters as Hollywood movie studios have delayed the theatrical release dates for a number of films.
However, a strong movie release slate is expected to boost IMAX’s top-line growth in 2021. The list includes James Bond movie No Time to Die, Fast & Furious 9 and Top Gun.
Additionally, IMAX announced a slate agreement to release five current and forthcoming TOHO films in IMAX theaters in Japan. The deal marked the company’s biggest slate deal with a film studio outside Hollywood, thereby boosting its international presence.
Further, IMAX largely benefits from a solid theatre network and a strong rebound in Asia, particularly in China and Japan.
Zacks Rank & Stocks to Consider
Currently, IMAX has a Zacks Rank #3 (Hold).
Rogers Communication (RCI - Free Report) and TEGNA (TGNA - Free Report) are better-ranked stocks in the broader consumer discretionary sector. Both carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1Rank (Strong Buy) stocks here.
Long-term earnings growth rate for Rogers and TEGNA is pegged at 4.3% and 10%, respectively.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>