AMC Networks 2Q profit falls 57 percent
AMC Networks Inc. on Thursday reported earnings that decreased by 57 percent in its second quarter, but 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 one year earlier. A year ago the company received a one-time gain of $133 million from a legal settlement with Dish Network.
Earnings, adjusted for amortization costs and to account for discontinued operations, came to 90 cents per share. Analysts surveyed by Zacks Investment Research expected net income of 87 cents per share on average.
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.
Dish Network Corp. dropped AMC, IFC, and WE tv in 2012. The companies settled the dispute the following year, with Dish agreeing to resume carrying AMC, IFC, WE, and Sundance Channel and pay $700 million to AMC and Cablevision Systems Corp.