Stock prices are up 7.5% in post-market trading after the independent studio reported earnings for the September quarter that even surprised some of its biggest supporters on Wall Street. The Hunger Games video sales helped Lionsgate to generate net income of $75.5M, up from a $25.3M loss in the quarter last year, on revenues of nearly $707M, +97.4%. Analysts thought revenues would just hit $623.3M. And earnings at 56 cents a share far exceeded expectations for 12 cents. Theatrical revenues were up fivefold to $116.2M with contributions from the Possession, The Expendables 2, and Madea’s Witness Protection. Home entertainment revenues grew 59% to $277.8M from releases including Hunger Games, Cabin In The Woods, and What To Expect When You’re Expecting. The one weak spot was television production where revenues at $99M were -29% compared to last year which included the sale of the first four seasons of Mad Men to Netflix. Thanks to Hunger Games, “we’re clearly on track to meet or exceed our expectations this year,” CEO Jon Feltheimer says.
Lionsgate Shares Rise After Fiscal Q2 Results Soar Past Expectations
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