Imax (IMAX) Shares Up 8.4% On Strong Earnings

Shares of Imax Corporation IMAX are trading up 8.4% at $20.43 per share during the Thursday afternoon trading session. The day's trading range for shares of Imax Corporation has been between $19.34 and $20.90 per share. Analysts covering the company's stock give it a consensus price target of $21.75 per share. Volume of 3.5 million shares is nearly four times the daily average volume of 900,000 shares. Imax Corporation (IMAX) announced early Thursday morning that it beat consensus Wall Street earnings and revenue expectations. Imax Corporation reported 3rd quarter adjusted earnings per share of 15 cents, on revenue of $51.1 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 9 cents per share, on revenue of $49.31 million. Chief executive officer Richard L. Gelfond said, "We are very pleased with our third quarter financial results, which exceeded our expectations and demonstrated the operating leverage that can come with our growing theatre network and a diversified film slate. Today, our Company is uniquely positioned at the intersection of the entertainment industry, innovation, and the digital age, which have come together to reinvent the IMAX business in many important ways. We believe the combination of continued consumer enthusiasm for the IMAX brand worldwide, increasing demand from our exhibitor partners and film commitments from studios as far out as 2013 is setting the stage for long-term growth." Read more from Benzinga's Company news.