AMC Networks Q1 Profit Falls, As Revenue Beats Expectations
AMC Networks Inc. said on Thursday its net income for the first quarter fell to $113.44 million, or $1.55 per share, compared with $120.92, or $1.66 per share during the same period a year ago. Adjusted earnings per share came in at $1.64, below the $1.80 per share FactSet consensus. The media company said earnings were impacted by charges incurred from refinancing debt. Revenue for the quarter rose to $706.58 million, compared with $668.68 million in the year earlier period and was above the $694.00 million FactSet consensus. Overall revenue was driven by a 10.7% increase in distribution revenue, boosted by increases in digital distribution, licensing and affiliate fees. AMC also saw a 6.4% bump at its national networks, which include AMC, We TV, BBC America, IFC and SundanceTV, while advertising revenue increased 1.3%. Shares of AMC, which were inactive in premarket trade, are down nearly 15% in the year to date, underperforming the S&P 500 Index, which is up 0.4%.
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