AMC Networks reported its first-quarter 2024 earnings Friday, revealing U.S. TV ad sales dropped by 13% during the January-March period and streaming revenues ticked up 3%.
The company reports it has reached 11.5 million total streaming subscribers across its offerings, including AMC+. That’s a year over year increase from the 11.2 it reported at the end of March 2023, and an uptick from the 11.4 million streaming subs AMC Networks reported for the end of 2023.
Wall Street forecast earnings per share (EPS) of $1.67 on $602.6 million in revenue, according to analyst consensus data provided by LSEG, formerly Refinitiv. AMC Networks reported adjusted EPS of $1.16 on $596 million in revenue.
“In the first quarter, we continued to execute on our strategic priorities, including the ongoing delivery of healthy free cash flow,” AMC Networks CEO Kristin Dolan said in a letter to shareholders Friday. “As new technologies transform the way media is consumed, we continue to produce great content and make it available to viewers whenever and wherever they want to watch. We recently strengthened our balance sheet by completing a series of financing transactions that meaningfully extended our debt maturities. This creates substantial flexibility for us as we continue to leverage our core strengths and reorient our business around the consumer-driven changes that are happening across the industry.”
AMC Networks stock closed Thursday at $13.73 per share. The regular U.S. stock markets will reopen at 9:30 a.m. ET.
AMC Networks executives will host a conference call at 8:30 a.m. ET to discuss the quarter in greater detail.
More to come…