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- AMC Networks Inc AMCX reported fourth-quarter FY21 revenue growth of 3% year-on-year to $803.7 million, beating the consensus of $758.95 million.
- Domestic Operations revenues increased 3.8% Y/Y to $684.9 million, with Advertising revenues declining 1% to $234 million from higher pricing and ad-supported streaming growth. Distribution revenues rose 7% to $451 million. Subscription revenues grew 11%, driven by growth in streaming revenues.
- International and other revenues declined 3.5% to $121.9 million.
- Adjusted operating income decreased 16% Y/Y to $122 million, reflecting increased investments in subscriber acquisition and retention marketing to support the streaming services growth.
- Adjusted EPS of $0.54 beat the consensus of $0.23.
- AMC held $892.2 million in cash and equivalents as of December 31, 2021, and generated $99.5 million in operating cash flow in Q4.
- AMC ended 2021 with over 9 million aggregate paid streaming subscribers.
- AMC remains on track to achieve the long-term target of 20 million - 25 million streaming subscribers by year-end 2025.
- Price Action: AMCX shares traded lower by 0.92% at $44.25 in the premarket on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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