Shares of AMC Networks rise 2% on earnings beat

Shares of AMC Networks rise 2% on earnings beat

Shares of AMC Networks Inc. AMCX, +1.45% rose 2% in premarket trade after the company reported third-quarter earnings that beat expectations. Profit for the latest quarter rose to $111.2 million, or $1.93 a share, up from $87 million, or $1.35 a share in the year-early quarter. Adjusted EPS was $2.15 a share, above the FactSet consensus of $1.78 a share. Revenue was $697 million, beating the FactSet consensus of $695 million, and up 7.5% from $648 million a year ago. Revenue from the national networks segment, which includes AMC’s five nationally distributed programs and AMC Studios, increased 3.5% to $560 million, compared to $541 million in the year-earlier quarter. The international segment, which includes the company’s international programming, independent film distribution and production services and comedy venues businesses, increased 34.6% to $151.7 million, up from $112.8 million one year ago. The company said it completed its acquisition of a 51% stake in RLJ Entertainment and said it was on track to meet full-year guidance on revenue and adjusted operating income growth. Shares of AMC have gained 8.3% so far this year, while the S&P 500 SPX, +1.09% has gained 1.4%.

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