Cable programmer AMC Networks reported a small revenue gain of 2% but double-digit gains in operating income as a group of cable TV ratings dynamos led by The Walking Dead continued to provide a financial engine.
Total revenue inched up $13 million to $648 million, 2% ahead of the year-ago period. Operating income surged 31% to $153 million and on an adjusted basis climbed 19% to $200 million. Third quarter net income was $87 million, or $1.35 per share, compared with $65 million, or 91 cents per share a year ago.
President and CEO Josh Sapan said the company, whose portfolio includes AMC, IFC, Sundance TV, We TV and BBC America, is on track to hit its full-year targets for revenue and profit.
“Our results reflect the consistent execution of our long-term strategy of investing in high-quality, immersive content that is resulting in growing demand among traditional distributors, virtual MVPDs, advertisers and consumers; and, importantly, is giving us the ability to monetize the demand for our content through new revenue streams,” Sapan said. “In an evolving media and entertainment marketplace, AMC Networks is well positioned based on our size, our pricing and our content, which includes four of the highest-rated dramas on all of basic cable, giving us the ability to continue to further invest in our content, our brands and new businesses.”