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IMAX Reports $25M Global Opening for M:I Dead Reckoning Part One
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Imax Corporation (IMAX - Free Report) recently disclosed that it generated the largest global opening ever for Mission: Impossible movie franchise following $25 million in ticket sales for Paramount’s (PARA - Free Report) Dead Reckoning Part One.
Christopher McQuarrie wrote, produced and directed the seventh installment of the highly popular Mission Impossible franchise. The film features a star-studded cast, including Tom Cruise, Ving Rhames, Simon Pegg, Rebecca Ferguson, Vanessa Kirby, Hayley Atwell and Shea Whigham.
Imax screens captured 10.6% of the film’s worldwide revenues on a fraction of overall screens, notching the second-highest grossing opening Imax weekend in 2023 after Guardians of the Galaxy Vol. 3.
In North America, IMAX screens delivered 14% of the domestic box office with $11 million, earning its highest share of opening weekend box office for any domestic release this year.
Mission: Impossible – Dead Reckoning Part One opened to $14 million across 53 international markets, the biggest Imax opening for the Mission: Impossible franchise in the U.K., France, Germany, Spain, UAE, India, South Korea, Hong Kong, Taiwan, Mexico and Brazil, among others.
Paramount’s delayed release of Dead Reckoning Part One is only playing on Imax screens until this weekend as Christopher Nolan’s highly-anticipated release of Universal Pictures’ Oppenheimer will play on IMAX screens starting Jul 21.
Strong Slate of Releases to Boost IMAX’s Top-Line Growth
IMAX is looking to boost its top line with upcoming releases. Shares of the company have gained 14.1% year to date compared with the Zacks Consumer Discretionary sector’s rise of 13.8% in the same time frame.
Imax has a vested interest in certain movies like the Marvel installment Eternals, Jordan Peele’s Us and Christopher Nolan’s Oppenheimer that use its patented technology.
The film Oppenheimer, directed and written by Christopher Nolan, is based on the Pulitzer Prize-winning book American Prometheus: The Triumph and Tragedy of J. Robert Oppenheimer by Kai Bird and Martin J. Sherwin. Cillian Murphy portrays the role of J. Robert Oppenheimer in the movie, which was filmed using IMAX cameras.
Universal has already ironed out a rare agreement for Oppenehimer to control Imax’s entire North American footprint for three full weeks.
Gran Turismo, the video game adaptation directed by Neill Blomkamp, brings to life the true story of Jann Mardenborough. This compelling film depicts the remarkable journey of a teenage player who, through his exceptional gaming skills, triumphs in a series of Nissan competitions and transforms into a professional race car driver.
For the second quarter, the Zacks Consensus Estimate for IMAX revenues from the United States is currently pegged at $32.51 million, indicating a decline of 3.4% year over year. These highly anticipated movies are expected to encourage viewers to come to cinema halls in the age of online-streaming platforms.
The company expects to record $1.1 billion in the global box office for the year 2023. It also expects adjusted EBITDA margin in the mid-30s range.
The Zacks Consensus Estimate for IMAX’s second-quarter 2023 earnings is pegged at a profit of 20 cents per share, indicating year-over-year growth of 185.71%. The consensus estimate for 2023 revenues is pegged at $374.05 million, indicating a year-over-year increase of 24.35%.
Shares of Nexstar have remained unchanged year to date. The Zacks Consensus Estimate for NXST’s 2023 revenues is pegged at $5.11 billion, indicating a year-over-year decline of 2.02%. The consensus mark for earnings is pegged at $2.88 per share, which has increased by 14 cents over the past 30 days.
Shares of DraftKings have soared 168.2% year to date. The Zacks Consensus Estimate for DKNG’s 2023 revenues is pegged at $3.23 billion, indicating year-over-year growth of 44.29%. The consensus mark is pegged at a loss of 27 cents per share, which has increased by 2 cents over the past 30 days.
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IMAX Reports $25M Global Opening for M:I Dead Reckoning Part One
Imax Corporation (IMAX - Free Report) recently disclosed that it generated the largest global opening ever for Mission: Impossible movie franchise following $25 million in ticket sales for Paramount’s (PARA - Free Report) Dead Reckoning Part One.
Christopher McQuarrie wrote, produced and directed the seventh installment of the highly popular Mission Impossible franchise. The film features a star-studded cast, including Tom Cruise, Ving Rhames, Simon Pegg, Rebecca Ferguson, Vanessa Kirby, Hayley Atwell and Shea Whigham.
Imax screens captured 10.6% of the film’s worldwide revenues on a fraction of overall screens, notching the second-highest grossing opening Imax weekend in 2023 after Guardians of the Galaxy Vol. 3.
In North America, IMAX screens delivered 14% of the domestic box office with $11 million, earning its highest share of opening weekend box office for any domestic release this year.
Mission: Impossible – Dead Reckoning Part One opened to $14 million across 53 international markets, the biggest Imax opening for the Mission: Impossible franchise in the U.K., France, Germany, Spain, UAE, India, South Korea, Hong Kong, Taiwan, Mexico and Brazil, among others.
Paramount’s delayed release of Dead Reckoning Part One is only playing on Imax screens until this weekend as Christopher Nolan’s highly-anticipated release of Universal Pictures’ Oppenheimer will play on IMAX screens starting Jul 21.
IMAX Corporation Price and Consensus
IMAX Corporation price-consensus-chart | IMAX Corporation Quote
Strong Slate of Releases to Boost IMAX’s Top-Line Growth
IMAX is looking to boost its top line with upcoming releases. Shares of the company have gained 14.1% year to date compared with the Zacks Consumer Discretionary sector’s rise of 13.8% in the same time frame.
Imax has a vested interest in certain movies like the Marvel installment Eternals, Jordan Peele’s Us and Christopher Nolan’s Oppenheimer that use its patented technology.
The film Oppenheimer, directed and written by Christopher Nolan, is based on the Pulitzer Prize-winning book American Prometheus: The Triumph and Tragedy of J. Robert Oppenheimer by Kai Bird and Martin J. Sherwin. Cillian Murphy portrays the role of J. Robert Oppenheimer in the movie, which was filmed using IMAX cameras.
Universal has already ironed out a rare agreement for Oppenehimer to control Imax’s entire North American footprint for three full weeks.
Gran Turismo, the video game adaptation directed by Neill Blomkamp, brings to life the true story of Jann Mardenborough. This compelling film depicts the remarkable journey of a teenage player who, through his exceptional gaming skills, triumphs in a series of Nissan competitions and transforms into a professional race car driver.
For the second quarter, the Zacks Consensus Estimate for IMAX revenues from the United States is currently pegged at $32.51 million, indicating a decline of 3.4% year over year. These highly anticipated movies are expected to encourage viewers to come to cinema halls in the age of online-streaming platforms.
The company expects to record $1.1 billion in the global box office for the year 2023. It also expects adjusted EBITDA margin in the mid-30s range.
The Zacks Consensus Estimate for IMAX’s second-quarter 2023 earnings is pegged at a profit of 20 cents per share, indicating year-over-year growth of 185.71%. The consensus estimate for 2023 revenues is pegged at $374.05 million, indicating a year-over-year increase of 24.35%.
Zacks Rank & Key Picks
Currently, IMAX carries a Zacks Rank #3 (Hold).
Nexstar Media Group (NXST - Free Report) and DraftKings (DKNG - Free Report) are some better-ranked stocks from the broader sector which investors can consider. Currently, NXST sports a Zacks Rank #1 (Strong Buy) and DKNG carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Nexstar have remained unchanged year to date. The Zacks Consensus Estimate for NXST’s 2023 revenues is pegged at $5.11 billion, indicating a year-over-year decline of 2.02%. The consensus mark for earnings is pegged at $2.88 per share, which has increased by 14 cents over the past 30 days.
Shares of DraftKings have soared 168.2% year to date. The Zacks Consensus Estimate for DKNG’s 2023 revenues is pegged at $3.23 billion, indicating year-over-year growth of 44.29%. The consensus mark is pegged at a loss of 27 cents per share, which has increased by 2 cents over the past 30 days.