IMAX Corporation (NYSE: IMAX) announced its first-quarter financial results on Tuesday. With both earnings and revenue beating estimates, shares of the company rose 3.11% in premarket trading to $23.92 per share.
The company said that total revenue for the first quarter increased 24% to $85 million, which beat analysts’ estimates of $81.2 million. In addition, net income for the first quarter increased from $100,000, or breakeven, for the same period last year, to $8.5 million, or 13 cents per share, for the first quarter.
Adjusted earnings per share for the quarter was 21 cents, also beating analysts’ estimates of 11 cents.
“Our first quarter results were strong from both a financial and strategic standpoint. We modified our programming strategy, demonstrated operating leverage and set the table for the successful launch of IMAX with Laser, which was bolstered by over 150 signings to date,” Richard L. Gelfond, the CEO of IMAX, said in the statement on Tuesday.
“We believe our global footprint, coupled with our focus on creating differentiated experiences for the biggest cinematic releases, uniquely positions IMAX to benefit from these trends,” Gelfond continued.
In the statement, the company signed contracts for 45 new theaters across 8 countries. In addition, IMAX’s global box office was up 16.4% to $246.9 million.