3 Media Stocks in Focus: IMAX Delivers Earnings, Sirius Misses the Mark, Disney’s Indian Shake-Up
IMAX Corp. (NASDAQ:IMAX): IMAX has reported EPS of 6 cents, beating by 2 cents, though revenues of $51.7 million missed the mark, by $0.9 million. However, IMAX was able to smooth out some of its SG&A expenses (contributing to the earnings beat), as the company brought in 99 new contracts for theatre systems, and actively installed 28. IMAX ended the period with 356 theaters in backlog.
Sirius XM Radio Inc. (NASDAQ:SIRI): Sirius shares are trading lower as the company reports EPS of a cent, as revenue of $962 million misses by $7.49 million. However, the 513,000 net subscriber additions and the 373,000 self-pay net additions set post-merger records for the company. Total subscribers now sit at around 25.6 million. Sirius also bought back $459 million in stock during the quarter, and made slight upwards adjustments to its guidance for subscribers and revenue.
Walt Disney Co. (NYSE:DIS): Disney is shaking up its Indian operations a little bit, and is placing Roy Kapur in the seat formerly occupied by Ronnie Screwvala as its new managing director. Kapur will officially begin the role on June 30. Disney is working hard to consolidate its Indian assets, as media spending is improving quickly in the country.