AMC Networks reported disappointing earnings results for the company’s third quarter of 2024. Revenue came in at $599.6 million, down 5.9% year-over-year. Although the company generated profits in broadcasting and content licensing, a “difficult” advertising market and lower affiliate revenue led to these results.
Both operating income and adjusted operating income (the value the company uses to measure its success) decreased year-over-year. Operating income was $93.7 million, a decrease of 22% compared to the third quarter of 2023. Adjusted operating income was $131.5 million, a decrease of 25% compared to the third quarter of 2023. This time last year.
Here are the key results:
profit: 599.6 million, down 5.9% year-over-year, compared to the $597.9 million estimate expected by analysts surveyed by Zacks Investment Research.
Earnings per share: Loss of 76 cents per share. After adjusting for certain items, earnings per share came in at 91 cents, compared with the $0.88 per share estimate expected by analysts surveyed by Zacks Investment Research.
Subscribers: The number of streaming subscribers rose 5% year-on-year to 11.8 million.
Christine Dolan, the company’s CEO, said in a statement included in the earnings release: “As we manage this business in a complex and changing environment, we continue to focus on our key strategic pillars: Programming, Partnerships and Profitability,” said Christine Dolan, CEO. “During the quarter, we made significant progress in all three areas. We have generated $293 million in free cash flow so far this year and are on track to meet our stated goal of nearly $500 million in cumulative free cash over two years. We have also established new and strengthened partnerships with major companies such as Charter, Netflix, Amazon and others that drive our company forward as we continue to deliver premium, high-quality programming to customers at scale.
of platforms.”
More to come…
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