AMC Networks Inc. (NASDAQ:AMCX) reported mixed financial results in the first quarter of 2017. The bottom line outpaced the Zacks Consensus Estimate while the top line fell below the mark.
Net income was $136.2 million or $1.98 per share compared with $113.4 million or $1.55 per share in the prior-year quarter. However, quarterly adjusted earnings per share of $2.10 surpassed the Zacks Consensus Estimate of $2.00.
Quarterly total revenue of $720.2 million was up 1.9% year over year lagging the Zacks Consensus Estimate of $728 million. National Networks revenues were $615.1 million, up 2.8% year over year. International and Other revenues totaled $106.8 million, down 2.1% year over year.
Quarterly total adjusted operating income (AOI) was $270.3 million, down 5.7% year over year. National Networks AOI grossed $268 million, down 6.4% while International and Other AOI totaled $1.1 million, down 78.9%.
Operating costs and expenses totaled $488.5 million compared with $447.8 million in the prior year quarter. Operating income was $231.7 million, down 10.5% year over year. Operating margin was 32.2% compared with 36.6% in the prior-year quarter.
In the first quarter of 2017, AMC Networks generated $144.9 million of cash from operations compared with $167.4 million in the year-ago quarter. Free cash flow in the reported quarter was $113 million compared with $146 million in the prior-year quarter. At the end of first-quarter 2017, the company had $403.7 million of cash and cash equivalents and $2,802.5 million of debt outstanding.
AMC Networks Inc. Price, Consensus and EPS Surprise
AMC Networks Inc. Price, Consensus and EPS Surprise | AMC Networks Inc. Quote
AMC Networks competes in the highly competitive broadcast radio and television industry. Its major competitors include CBS Corp. (NYSE:CBS) , Gray Television Inc. (NYSE:GTN) and Entercom Communications Corp. (NYSE:ETM) to name a few. AMC Networks currently carries a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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