Despite big gains in advertising revenue during the second quarter, AMC Networks reported lower profits.
Net income in the quarter was $77 million, or $1.05 share, down from $83 million, or $1.14 per share, last year. The company said the decrease was result of foreign currency transaction losses that offset a 12% increase in operating income.
Earnings per share were lower than Wall Street was expecting. Revenue was above forecasts, rising 13.9% to $685 million.
Operating income at AMC’s National Networks, which include AMC, WE TV, IFC, Sundance and BBC America, was up 12.8% to $189 million iin the second quarter. . Revenue rose 17.2% to $572.6 million.
Read more at broadcastingcable.com.