Josh Sapan-led company beats Wall Street’s expectations for both revenue and earnings — after a major adjustment
AMC Networks saw its U.S. ad sales rise 13% in the second quarter of 2021 compared to the prior year’s Q2, the company revealed in its earnings report Friday.
The 13% increase in domestic advertising revenue counts all of AMC Networks’ “Domestic Operations,” which includes the company’s national networks — AMC, WE tv, BBC America, IFC, and SundanceTV — as well as its streaming services — AMC+, Acorn TV, Shudder, Sundance Now, and ALLBLK — plus AMC Studios, IFC Films, and AMC Networks Broadcasting & Technology.
Wall Street forecast earnings per share (EPS) of $1.90 on $687.37 million in revenue, according to a consensus compiled by Yahoo Finance. AMC Networks reported adjusted EPS of $3.45 on $771 million in revenue.
AMC Networks Inc. Reports Second Quarter 2021 Results
“AMC Networks had a strong second quarter with impressive financial results domestically as well as internationally, driven by robust growth in revenues for our targeted streaming services, particularly strong advertising growth, and high demand for our world-class content. We continue to advance our position as the worldwide leader in targeted streaming, with high subscriber satisfaction and strong consumption for our services. AMC+, our premium bundled offering, has quickly become our fastest-growing service, driven by expanding distribution and the strong, character-driven dramas that power it. Our streaming momentum and our expanding advertising efforts are enabling us to continue to meaningfully reconstitute the revenue mix of our company and to deliver continued growth and shareholder value,” AMC Networks president and chief executive officer Josh Sapan said in prepared remarks accompanying the financials.
AMC Networks stock closed Thursday at $49.53 per share. The regular U.S. stock markets will reopen at 9:30 a.m. ET.
Sapan and other AMC Networks executives will host a conference call at 8:30 a.m. ET to discuss the quarter in greater detail.
More to come…
Source: Read Full Article