AMC Networks Rallies As Q4 Earnings Beat Estimates
Shares of AMC Networks Inc. (AMCX), an entertainment company, are rising more than 17% Friday morning after reporting better-than-expected fourth-quarter results.
Excluding one-time items, the company reported earnings of $110.55 million or $2.52 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $1.2 per share.
AMC Networks, however, posted a net a loss of $264.69 million or $6.11 per share in the fourth quarter, compared with profit of $17.04 million or $0.39 per share a year ago, primarily due to charges related to restructuring, that the company had initiated in November last year.
Quarterly revenues increased 20% year-on-year to $964.52 million. The consensus estimate stood at $947.78 million.
AMCX, currently at $24.09, has traded in the range of $14.45-$44.05 in the last 1 year.
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