IMAX Corp. (NYSE: IMAX) reported Q3 EPS of $0.21, $0.01 better than the analyst estimate of $0.20. Revenue for the quarter came in at $86.4 million versus the consensus estimate of $87.58 million.

Highlights for Third Quarter 2019(Note: Percentage and other changes refer to third quarter 2018 unless otherwise noted.)

• Strong execution and cost discipline driving solid financial performance and increased operating leverage.
• 5.2% increase in revenue.
• 19.1% growth in global box office.
• 11.7% increase in gross profit and approximately 310 basis point increase in gross profit margin to 54.5%.
• 79.9% increase in GAAP net income attributable to common shareholders to $9.0 million, or $0.15 per share; 50.0% increase in adj. net income per share to $0.21.
• 45.2% increase in GAAP net income to $10.9 million; 25.6% increase in adj. EBITDA and approximately 570 basis point increase in adj. EBITDA margin.

"IMAX again delivered strong results for the quarter with 5% revenue growth and costs maintained at prior year levels, driving a 26% increase in adjusted EBITDA and 50% increase in adjusted EPS," said IMAX CEO Richard L. Gelfond. \"We are on track for our best year ever at the global box office. In China our box office is up 27% in RMB through early October and we recently grew our box office by more than 160% during the pivotal National Day holiday. And we look forward to the highly anticipated Star Wars: The Rise of Skywalker, final installment of the Star Wars saga, in December."

"Looking ahead to 2020, we continue to build out a strong slate headlined by a record number of releases filmed in IMAX® and proven franchise properties — demonstrating our longstanding relationships with world-class creators, our ability to create new opportunities to drive IMAX market share on key titles, and growing demand for our end-to-end technology," Gelfond added.

"Building on the strength of our core business, we are developing new opportunities for future growth while maintaining cost discipline. In partnership with leading manufacturers and streaming platforms, we are leveraging our strong brand and technology to extend our offerings into the home through IMAX Enhanced. Additionally, we continue to partner with innovative artists across genres to create truly unique events that drive increased utilization throughout our global network."

"We believe that the powerful combination of momentum in our attractive core business and new potential levers of growth under development, position us well for the future."

Full-Year 2019 GuidanceIMAX's updated guidance for full-year 2019 is as follows:

• IMAX global box office is expected to experience low double-digit growth compared to the $1,032.1 million recorded in full-year 2018.
• Operating expenses, defined as selling, general and administrative expenses less stock-based compensation plus research and development costs are expected to be in-line with the $110.7 million recorded for full-year 2018.
• The effective tax rate is expected to be approximately 23%.
• Adjusted EBITDA margin is expected to be approximately 41% to 42%.
• Total theater installations are now expected at the high-end of the range of 185 to 190 systems, with new theater installs now expected to be slightly below the low-end of the range of 140 to 145 systems, and upgrades to IMAX with Laser now expected to be slightly above the previous guidance of approximately 45 systems. The resulting shift in mix of installations, therefore, is expected to be revenue neutral in fourth quarter 2019 due to the sales-type structure and margin profile of the additional upgrades.
• Total theaters equipped with IMAX with Laser are now expected to be slightly below the previous guidance of approximately 140 systems.

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