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IMAX Registers Best Opening Weekend for an Animated Film
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IMAX (IMAX - Free Report) collected $21.6 million on the opening weekend of The Super Mario Bros. Movie. This created an all-time record for an animated movie.
With a collection of $16.6 million, it registered the biggest opening in North America for an animated film. It also marked the company’s top animated debut in 22 international markets around the world.
The Super Mario Bros. Movie achieved the animated title record in Germany, Sweden, Netherland, UK, Ireland and every single IMAX market in Latin America including Mexico and Brazil. The film also witnessed the biggest IMAX opening weekend of all time in Argentina, Chile, Curacao and Colombia.
The Super Mario Bros. Movie is expected to continue its stellar run on the IMAX network next week.
Given the strong slate of movies released, the stock has increased 24.3% in the past year against the Zacks Consumer Discretionary sector’s decline of 14.8%.
The entertainment industry, as a whole, was suffering in the past two-three years mainly due to macroeconomic headwinds like COVID-19 and interest-rate hikes. However, IMAX had a great last year with releases like Avatar and Thor.
The company is looking to grow in the coming years while facing competition from Sony (SONY - Free Report) , Dolby Laboratories (DLB - Free Report) and Lions Gate Entertainment (LGF.A - Free Report) .
Dolby Laboratories is specialised in audio noise reduction and audio coding. It provides the best audio technology to cinemas to enhance viewer experience. Broadcast and mobile licensing are the two major contributors to its revenue.
Sony’s revenues get major contribution from Sony pictures. It has slowed down in the previous quarters due to the acquisition of Bad Wolf and Industrial Media.
Lions Gate has been focusing on OTT content lately but their motion picture revenues have also jumped in recent months due to cooling down of macroeconomic conditions.
With big movies like Fast X, The Little Mermaid and Guardians of the Galaxy Vol.3 slated to release in the coming quarter, all the entertainment companies are expected to boost their revenues . These highly anticipated movies encourage viewers to come to cinema halls in the age of online-streaming platforms.
The Zacks Consensus Estimate for IMAX’s first-quarter 2023 profit is pegged at 14 cents per share, indicating year-over-year growth of 200%. The consensus estimate for 2023 revenues is pegged at $361.84 million, indicating a year-over-year increase of 20.29%.
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IMAX Registers Best Opening Weekend for an Animated Film
IMAX (IMAX - Free Report) collected $21.6 million on the opening weekend of The Super Mario Bros. Movie. This created an all-time record for an animated movie.
With a collection of $16.6 million, it registered the biggest opening in North America for an animated film. It also marked the company’s top animated debut in 22 international markets around the world.
The Super Mario Bros. Movie achieved the animated title record in Germany, Sweden, Netherland, UK, Ireland and every single IMAX market in Latin America including Mexico and Brazil. The film also witnessed the biggest IMAX opening weekend of all time in Argentina, Chile, Curacao and Colombia.
The Super Mario Bros. Movie is expected to continue its stellar run on the IMAX network next week.
IMAX Corporation Price and Consensus
IMAX Corporation price-consensus-chart | IMAX Corporation Quote
Imax to further boost its top line with a strong slate of movies
This Zacks Rank #3 (Hold) company is looking to boost its top line with upcoming releases. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Given the strong slate of movies released, the stock has increased 24.3% in the past year against the Zacks Consumer Discretionary sector’s decline of 14.8%.
The entertainment industry, as a whole, was suffering in the past two-three years mainly due to macroeconomic headwinds like COVID-19 and interest-rate hikes. However, IMAX had a great last year with releases like Avatar and Thor.
The company is looking to grow in the coming years while facing competition from Sony (SONY - Free Report) , Dolby Laboratories (DLB - Free Report) and Lions Gate Entertainment (LGF.A - Free Report) .
Dolby Laboratories is specialised in audio noise reduction and audio coding. It provides the best audio technology to cinemas to enhance viewer experience. Broadcast and mobile licensing are the two major contributors to its revenue.
Sony’s revenues get major contribution from Sony pictures. It has slowed down in the previous quarters due to the acquisition of Bad Wolf and Industrial Media.
Lions Gate has been focusing on OTT content lately but their motion picture revenues have also jumped in recent months due to cooling down of macroeconomic conditions.
With big movies like Fast X, The Little Mermaid and Guardians of the Galaxy Vol.3 slated to release in the coming quarter, all the entertainment companies are expected to boost their revenues . These highly anticipated movies encourage viewers to come to cinema halls in the age of online-streaming platforms.
The Zacks Consensus Estimate for IMAX’s first-quarter 2023 profit is pegged at 14 cents per share, indicating year-over-year growth of 200%. The consensus estimate for 2023 revenues is pegged at $361.84 million, indicating a year-over-year increase of 20.29%.