AMC Networks second-quarter profit drops 57 percent, tops forecast

MarketsAssociated Press

AMC Networks Inc. (AMCX) on Thursday reported earnings that decreased by 57 percent in its second quarter, and beat analysts' expectations.

The New York-based company said net income fell to $58.7 million, or 81 cents per share, from $135.7 million, or $1.87 per share, in the same quarter a year ago.

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Earnings, adjusted for amortization costs and to account for discontinued operations, came to 90 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 87 cents per share.

The owner of cable channels including AMC and IFC said revenue climbed 38 percent to $522.1 million from $379.3 million in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $513.6 million, according to Zacks.

AMC Networks shares have decreased $8.54, or 13 percent, to $59.57 since the beginning of the year. The stock has dropped $11.58, or 16 percent, in the last 12 months.