NEW YORK - IMAX Corporation (NYSE: NYSE:IMAX) and Disney/Marvel's latest release, "Deadpool & Wolverine," has set new records for the largest IMAX opening in July and the biggest R-rated debut, with a $36.5 million global haul. The film's impressive performance marks the eighth largest IMAX opening weekend ever, surpassing the previous records held by "Avatar: The Way of Water" in 2022 and "Spider-Man: No Way Home" in 2021 for the respective categories.
In North America alone, the movie grossed $19.1 million, accounting for 9.3% of the domestic box office from just around 1% of total screens, averaging $46,000 per screen. Internationally, "Deadpool & Wolverine" earned $17.4 million, with 21 markets recording it among their top five IMAX debuts. Particularly noteworthy was its performance in China, where it captured 21% of the national box office revenue from less than 1% of screens, amounting to $5 million.
The film premiered on a record-breaking 1,642 IMAX screens across 83 markets and is expected to continue its successful run into August. This sets a positive tone for IMAX's third-quarter earnings and precedes a fall lineup featuring other Filmed for IMAX titles including "Joker: Folie à Deux" and "Venom: The Last Dance," along with "Beetlejuice Beetlejuice," "Gladiator II," and "Wicked."
IMAX CEO Rich Gelfond expressed confidence that the film's success is a testament to Marvel (NASDAQ:MRVL)'s creative innovation and audience appeal, suggesting that "Deadpool & Wolverine" will increase anticipation for upcoming releases. This news comes as IMAX continues to expand its global network, with 1,780 systems in operation across 89 countries and territories as of June 30, 2024.
In other recent news, IMAX Corporation has been the focus of significant developments. Macquarie has maintained an Outperform rating on IMAX, indicating expectations of the company's continued outperformance in the market.
The firm highlights IMAX's potential for growth, driven by its project backlog, improving margins, and free cash flow. Macquarie also underscored IMAX's current valuation, suggesting potential for stock growth based on past market performance.
On the expansion front, IMAX has been actively enhancing its global footprint. The company has partnered with Saudi Arabia's leading cinema operator, muvi Cinemas, to introduce four new IMAX with Laser systems in the country.
This partnership is expected to see three venues open by the end of 2024 and the final one in 2025. Simultaneously, IMAX has broadened its longstanding partnership with SM Cinema in the Philippines. This collaboration includes the installation of 10 advanced IMAX with Laser systems across the SM Cinema network, with three locations slated to open this year and the remaining ones expected to be operational by the end of 2026.
InvestingPro Insights
IMAX Corporation's (NYSE: IMAX) recent success with "Deadpool & Wolverine" is reflected in the company's financial metrics and market performance. With a market capitalization of $1.05 billion, IMAX shows a commitment to growth and innovation in the cinematic experience. The stock's P/E ratio stands at 50.03, indicating investor confidence in the company's earnings potential, especially as analysts have revised their earnings upwards for the upcoming period, a sign of expected continued financial improvement.
The company's strong performance is not just in ticket sales but also in the stock market, with an impressive 1-week price total return of 12.74% and a 3-month return of 17.62%. These figures suggest that investors are bullish on the company's prospects. It's noteworthy that IMAX's liquid assets exceed its short-term obligations, providing financial stability and the ability to invest in further growth and technological advancements. Additionally, the company's gross profit margin at 55.79% for the last twelve months as of Q2 2024, highlights its ability to maintain profitability in a competitive industry.
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