By Denny Jacob
AMC Networks posted lower revenue in its latest quarter on weaker performance across all its business segments amid a loss of subscribers and mixed advertising demand.
The operator of cable channels and streaming networks recorded net income attributable to stockholders of $41.4 million, or 76 cents a share, for the third quarter, compared with $63.4 million, or $1.44 a share, a year earlier.
Stripping out one-time items, earnings came in at 91 cents a share. Analysts polled by FactSet had expected 62 cents a share.
Revenue declined 5.9% to $599.6 million from about $637 million. Analysts polled by FactSet had expected $587.1 million.
In AMC's domestic operations, content licensing revenue increased 31% to $81 million. The company attributed the gain to available deliveries in the period, including those related to its branded shows in connection with a new content-licensing agreement with Netflix.
Advertising revenue in domestic operations decreased 10% to $133 million due to linear ratings declines and a challenging ad market, though it saw some growth in digital and advanced advertising revenue.
In AMC's international business, content licensing and other revenues decreased due to the sale of its interest in 25/7 Media, while advertising revenue increased on new streaming offerings launched in select markets.
Chief Executive Kristin Dolan said AMC is well on its way to deliver on its stated goal of roughly $500 million in cumulative free cash over two years.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
November 08, 2024 08:51 ET (13:51 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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