AMC Networks shares rise as 3Q results top Street forecasts
NEW YORK (AP) — AMC Networks Inc. on Thursday reported that third-quarter net income rose 37 percent to $72.8 million, fueled by popular shows including “Fear the Walking Dead” and “Doctor Who.”
On a per-share basis, the New York-based owner of cable channels including AMC and IFC said it had profit of 99 cents. Earnings, adjusted for amortization costs, were $1.09 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.
Revenue rose 22 percent to $632.2 million. Three analysts surveyed by Zacks expected $596 million.
AMC Networks stock rose $3.10, or 4.3 percent, to $74.86 in morning trading. Shares have risen 13 percent since the beginning of the year.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMCX at http://www.zacks.com/ap/AMCX
Keywords: AMC Networks, Earnings Report