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Imax reports revenue miss but 'Avengers: Endgame' opens big

Tonya Garcia

Imax Corp. reported first-quarter net income of $8.3 million, or 13 cents per share, compared with $8.5 million, or 13 cents per share, during the same period last year. Adjusted EPS was 18 cents, beating the 17-cent FactSet consensus. Revenue of $80.2 million slipped from $85.0 million in 2018 and missed the $81.2 million FactSet estimate. Gross box office for Imax DMR films grew to $256.3 million on the release of 24 films versus $246.9 million last year on 22 films. The company is raising its guidance for the full-year 2019 box office based on the first-quarter result, and now expects global box office to grow in the low-double-digit percentage. "Avengers: Endgame" had the biggest-ever IMAX opening in China, generating $21 million at the box office, leading to the second-strongest China quarterly box office, totaling $106 million. Imax shares slipped 0.2% in Friday premarket trading, but have rallied 33.1% for the year so far. The S&P 500 index has gained 16.7% for 2019 to date.