Imax shares jump 2.8% as first-quarter earnings top estimates

Imax Corp. shares IMAX, +0.43%jumped 2.8% in premarket trade Tuesday, after the premium film theater operator topped estimates for the first quarter. Imax said it had net income of $8.5 million, or 13 cents a share, in the quarter, up from $100,000, or breakeven, in the year-earlier period. Adjusted per-share earnings came to 21 cents, ahead of the FactSet consensus of 11 cents.

Sales rose 24% to $85.0 million, also ahead of the FactSet consensus of $81.2 million. The company's global box office rose 16.4% to $246.9 million. "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," Chief Executive Richard Gelfond said in a statement. " Imax with Laser is the company's next-generation laser technology. Avengers: Infinty War", the first commercial film to be shot entirely with Imax cameras, has just kicked off the summer blockbuster season and led the box office this weekend. The company installed 16 theater systems in the quarter, and had 1,382 systems at end march. The company signed contracts for 45 new theaters across eight countries in the quarter. Shares have fallen 25% in the last 12 months, while the S&P 500 SPX, -0.82%has gained 11%.