Why IMAX Stock Rallied on Monday
Key Points
"The Odyssey" is continuing its record-breaking run.
Movie-goers continue to pay up for a premium experience.
The film has become the most successful in IMAX's history.
- 10 stocks we like better than IMAX ›
IMAX (NYSE: IMAX) turned in an impressive performance on Monday, climbing as much as 5.4%. As of 2:15 p.m. ET, the stock was still up 5.1%.
The catalyst that sent the premium format theater operator higher was a new milestone for the company, courtesy of The Odyssey.
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A sellout crowd
In a press release that dropped on Monday morning, the company announced that the Christoper Nolan mythic action epic, The Odyssey, became the highest-grossing IMAX release of all time, generating $289 million in ticket sales and counting. The record-breaking run continued into the movie's fourth weekend of release, adding $37 million to its box office tally. In all, IMAX theaters have accounted for 26% of the film's overall ticket sales.
Movie-goers continue to pay up to see the action-adventure film at premium locations. IMAX noted that the 41 locations worldwide outfitted to 70mm film projectors -- which it called the "gold-standard 18k presentation" -- have grossed more than $37 million to date. The TCL Chinese Theater in Los Angeles increased its take to $2.8 million, the highest-grossing single-title box office for any IMAX location in North America."
IMAX also noted that The Odyssey continues to be sold out weeks in advance, with nearly $40 million in existing presales, suggesting its run is far from over. Indeed, the company said the film's "historic performance is headlining what we expect will be our best year ever at the global box office." To capitalize on the unprecedented opportunity, IMAX will continue to show the blockbuster across its global network through at least Sept. 17.
The summer viewing season is critical to the industry's success, as cinephiles turn out for the most notable movies. IMAX is doing its part to boost the entertainment industry by turning the next generation of viewers on to the benefits of the biggest screens available.
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Danny Vena, CPA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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