AMC Networks Q1 Results Beat Forecasts With Strong Ad Sales For Original Shows
AMC Networks Earnings Grew In Q3, But Not As Much As Wall Street Expected
The stock price is up nearly 6% pre-market after the company released a Q1 report that showed strong results in most key metrics. AMC Networks generated net income of $61.5M, +42.5% vs the period last year, on revenues of nearly $382M, +17.1%. The top line was well ahead of the $366M that analysts projected. And earnings at 85 cents a share topped forecasts for 82 cents. The core National Networks operation led with way with revenues +18.2% to $359.5M and operating income +29.5% to $141M. The company says that ad sales were up 26.9% to $164M “due to strong demand for our original programming, primarily at AMC” which airs The Walking Dead. Affiliate fees rose 11.7% to $196M. The international business, which is much smaller and includes IFC Films, was a different story: Revenues fell 0.2% to $26.3M with an operating loss that increased by $2M to $15M. AMC says that the operation was hurt by a revenue decline in the independent film operation. “AMC Networks is off to a strong start in 2013,” CEO Josh Sapan says pointing to the strong performance of shows including Sundance Channel’s Rectify and Top Of The Lake, IFC’s Portlandia, and WEtv’s Braxton Family Values.