AMC Networks Q2 Result Beats On Streaming Momentum, Advertising Growth

AMC Networks Inc AMCX reported second-quarter FY21 revenue growth of 19.4% year-on-year to $771.4 million, beating the analyst consensus of $687.4 million.
Domestic Operations revenues increased 14% Y/Y to $639 million, with Advertising revenues gaining 13% to $212 million from higher pricing and ad-supported streaming growth. Distribution revenues rose 14% to $427 million. Subscription revenues grew 21%, driven by growth in streaming revenues.
International and Other revenues increased 53% to $138 million.
Adjusted operating income increased 11.3% Y/Y to $250.6 million. Domestic operating income was up 5.8% to $250.1 million.
Adjusted EPS of $3.45 beat the analyst consensus of $1.90.
AMC held $980.7 million in cash and equivalents. It generated $23.6 million in operating cash flow in Q2.
Outlook: AMC Networks says on track to achieve prior 2021 revenue, Adjusted Operating Income, and streaming subscriber targets.
Price action: AMCX shares traded higher by 1.47% at $50.26 on the last check Friday.