AMC Networks’ profits rose in the year’s second quarter of 2017 thanks in part to a performance surge from its American cable networks.
The New York-headquartered broadcaster’s second quarter revenues for the quarter saw an uptick by 3.8% to US$711 million, driven by a 5.6% growth at cable networks AMC, We TV, SundanceTV and BBC America.
The incline in revenues was also led by strong performance from AMC’s U.S. distribution, which inflated by 7.8% to $359 million – an increase primarily attributed to a rise in licensing revenues and increasing affiliate fees.
AMC’s net income, meanwhile, improved by 34% to US$103 million, or $1.54 per share, compared with $77 million, $1.05 per share, in the year-ago period.
Net income for the six months ending June 30 reached $239 million, or $3.52 per share, compared to the $191 million, or $2.60 per share, in the prior year period.
Operating expenses for the U.S. network also climbed in the second quarter, an increase amplified by “higher programming expenses partially offset by a decrease in marketing expenses.”
AMC Networks International, the company’s international programming business, however, saw a drop in revenues in Q2 of $7 million to $111 million. Operating loss rose to $23 million to a total loss of $31 million and adjusted operating income decreased $7 million to $1 million, all compared to second quarter 2016 results.
“Our financial and operating performance in the second quarter and for the year, thus far, has been strong and we remain on track to deliver on our full-year total company outlook,” said AMC Networks president and CEO Josh Sapan in a statement. “The success of our long-term focus on investing in marquee content and in distinctive, vibrant brands that attract passionate and engaged fans is reinforced by our wide distribution on new virtual MVPDs, including most recently YouTube TV; being home to four of the top five dramas on basic cable; and with Emmy nominations that span our networks and genres, including nominations for AMC’s Better Call Saul, IFC’s Documentary Now! and BBC America’s Planet Earth II.
Sapan added: “In addition, we continue to partner with our traditional distributors on innovative initiatives that support the cable ecosystem, including our new AMC Premiere offering to Comcast Xfinity TV customers, and our AMC Studios co-production partnership with Charter.”
(Pictured: We TV’s Kendra on Top)