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AMC Networks earnings miss expectations while streaming subscriber growth tops, new CEO named

AMC Networks Inc. (AMCX) reported Friday second-quarter profit and revenue that missed expectations, while streaming subscriber growth beat and the full-year outlook was affirmed. The TV network company, which runs the shows "Better Call Saul" and "Dark Winds," also named Christina Spade, currently the company's chief financial officer and chief operating officer, as chief executive officer, effective Sept. 9, to succeed Matt Blank, who has been interim CEO for the past year. The stock was still inactive in premarket trading. Net income more than doubled, to $153.2 million, or $1.91 a share, from $68.3 million, or 83 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to $2.06 from $3.45, and missed the FactSet consensus of $2.31. Revenue fell 4.3% to $738.0 million, below the FactSet consensus of $774.3 million. Streaming subscribers increased by nearly 1.3 million, "ahead of our forecast," or 46%, to 10.8 million. The stock has edged up 0.6% over the past three months, while the S&P 500 has ticked up 0.1%.

-Tomi Kilgore

 

(END) Dow Jones Newswires

08-05-22 0717ET

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