Domestic Q2 box office revenues topped estimate, says B. Riley

B. Riley analyst Eric Wold says domestic box office revenue for Q2 of $2.678B came in 5% above the firm’s projection of $2.544B. Along with the box office total reaching 82% of Q2 of 2019 levels, Q2 represented the highest quarterly box office recovery level in the post-pandemic era, the analyst tells investors in a research note. The firm says the quarter also demonstrated continued improvement in slate demand diversity and reduced box office concentration at the top – with six films exceeding $100M in Q2 compared to four films last year and one film in 2021. Riley reiterates Buy ratings on Imax (IMAX) and Marcus (MCS). It keeps Neutral ratings on AMC Entertainment (AMC) and Cinemark (CNK).