AMC Networks Earnings Break Big in Q3 - Multichannel

AMC Networks Earnings Break Big in Q3

Stock Drops As Results Fall Short Of Analyst Forecasts
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Earnings jumped at AMC Networks as shows like Breaking Bad and The Walking Dead generated big increases in ad revenue.

Net income rose 59% to $58.1 million, or 80 cents per share, in the third quarter, from $36.6 million, or 51 cents. Revenues rose 19.1% to $395 million.

"Our solid financial results in the third quarter were driven by a return on our investment in original programming," Josh Sapan, AMC Networks president and CEO, said in a statement. "Our shows are performing well on IFC, Sundance Channel and WE tv. At AMC, our acclaimed series Breaking Bad came to a close (pictured) with record viewership and the Emmy Award for outstanding drama series, and The Walking Dead kicked off its fourth season with record ratings that extended its reign as the #1 show on television among adults 18 to 49. With our Chellomedia acquisition, we believe we will over time further capitalize on demand for our content by growing internationally, a key strategy to ensuring our long-term success."

Cash flow at AMC’s National Networks was up 24.5% to $144.9 million as revenues rose 20.2% to $367.9 million. Ad revenues were up 36.3% to $146 million because of strong demand for the company’s original programming, including Breaking Bad and Walking Dead. Distribution revenues rose 11.4% to $221 million as affiliate fees increased.

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