Operating income dropped nearly 29% at national networks (AMC, WE tv, BBC AMERICA, IFC, SundanceTV and AMC Studios)
AMC Networks topped on Q3 earnings estimates despite impacts due to the coronavirus pandemic.
Wall Street had forecast earnings of $1.28 per share on revenue of $606.04 million in revenue. AMC reported adjusted EPS of $1.32 per share on $654 million in revenue.
President and Chief Executive Officer Josh Sapan said: “The company delivered solid results in the 3 rd quarter and we continue to maintain a strong financial profile, with a solid balance sheet, very good liquidity and healthy levels of free cash flow. AMC Networks is fast becoming the global leader in SVOD services for targeted audiences, with our Acorn TV, Shudder, Sundance Now and UMC services set to exceed 4 million subscribers by year-end, outperforming our expectations. With the addition of our new AMC+ premium SVOD offering, we expect to have 5.0 to 5.5 million total SVOD subscribers, in aggregate, by the end of the year. Our strong content also continues to resonate with viewers, with AMC home to 4 of the top 6 cable dramas in 2020 among adults 25-54, including our newest series in The Walking Dead Universe, The Walking Dead: World Beyond ranking as the #1 freshman cable drama of the year.”
More to come…
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