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Here's Why Imax Stock Shot Higher Today

TheMotleyFool 
0 0 28.02.24
Here's Why Imax Stock Shot Higher TodayPhoto, wide shot, wide-angle lens, Retail store, neutral atmosphere, photo by Joe Cornish: https://img.theapi.app/temp/5574eb69-dc38-42f3-aadd-6163ac8bd4a8.png
 

Shares of movie theater technology company Imax (NYSE: IMAX) shot higher on Wednesday after the company reported financial results for the fourth quarter of 2023, beating expectations. As of 10:40 a.m. ET, Imax stock was up 10%.

Imax makes money both by installing its premium equipment in theaters and from films that have been enhanced for Imax. The company saw growth for both segments in 2023. Not only that, its full-year gross profit margin increased in both segments as well.

For the year, Imax generated revenue of $375 million, which was up 25% year over year. Its full-year gross margin was 57% -- a substantial improvement from its gross margin of 52% in 2022. And the top-line growth and margin improvement resulted in net income of $25.3 million compared with a loss of $22.8 million in 2022.

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Source Fool.com

Imax Corp. Stock

€46.20
3.590%
A very strong showing by Imax Corp. today, with an increase of €1.60 (3.590%) compared to yesterday's price.
The stock is an absolute favorite of our community with 39 Buy predictions and no Sell predictions.
However, we have a potential of -6.93% for Imax Corp. as the target price of 43 € is below the current price of 46.2 €.
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