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AMC Networks tops 4Q forecasts
The Associated Press //February 26, 2015 //
Listen to this articleAMC Networks Inc. on Thursday reported fourth-quarter net income of $77.6 million.
The New York-based company said it had net income of $1.06 per share. Earnings, adjusted for amortization costs, came to $1.15 per share.
The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.03 per share.
The owner of cable channels including AMC and IFC posted revenue of $609.4 million in the period, also surpassing Street forecasts. Analysts expected $605.6 million, according to Zacks.
For the year, the company reported profit of $260.8 million, or $3.58 per share. Revenue was reported as $2.18 billion.
AMC Networks shares have increased 8.5 percent since the beginning of the year. The stock has dropped slightly more than 1 percent in the last 12 months.
AMC Networks, formerly known as Rainbow Media Holdings, was spun off from Bethpage-based Cablevision Systems Corp. in 2011.
