The company behind the cable hit Breaking Bad seemed to be breaking good for investors in its first quarterly earnings report since it was spun off from Cablevision in June. AMC reported 2Q net earnings of $27.2M, up 22.9% vs the same period last year, on revenues of $292M, up 12.3%. Earnings at 39 cents a share were short of the 41 cents that analysts expected; AMC says income from its continuing operations was down because it had $20M in one-time expenses related to a debt redemption from the spinoff. But the revenue figure handily beat the $282.6M that company watchers had forecast. Much of the growth comes from a 21.3% increase in ad revenue at the national networks group which includes AMC, WE tv, IFC, and the Sundance Channel. The group also saw a 3.8% increase in payments from cable and satellite operators. “With a record 31 Primetime Emmy nominations this year, we continue to focus on investing in quality original programming to drive ratings, differentiate our brands and provide value to our distributors and advertisers,” CEO Josh Sapan says.
AMC Networks Shares +6% After 2Q Revenues Beat Analyst Forecasts
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