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AMC Networks stock set to rally after big profit and revenue beats

Economy, Finance

Shares of AMC Networks Inc. were indicated up about 2% in premarket trading Friday, with the media company, which TV channels include AMC, IFC, SundanceTV and BBC America, reported fourth-quarter profit and revenue that were well above expectations, citing strength in its streaming services. The company swung to net income of $94.7 million, or $2.09 a share, from a loss of $8.6 million, or 15 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $2.72 from $1.69, beating the FactSet consensus of 50 cents. Revenue slipped 0.6% to $780.3 million but was above the FactSet consensus of $705.0 million, with national networks revenue falling 3.0% to $571.2 million but beating expectations of $517.3 million. Distribution revenue fell 1.2%, as content licensing declined 1.8% and subscription revenue dropped 1.1%. “AMC Networks is now the worldwide leader in targeted streaming and, with the addition of our new AMC+ premium bundled offering, streaming is now the most significant growth area of our company,” said Chief Executive Josh Sapan. The stock has soared 60.1% over the past three months, while the S&P 500 has gained 5.5%.

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