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AMC Q1 Profits Up on 'Walking Dead' Ratings, But Miss Expectations

6/17/2014

By Tim Molloy
TheWrap

AMC Networks reported $71.3 million in profits for the first quarter, thanks in part to "Walking Dead" ratings, but missed Wall Street's expectations.

Net income attributable to stockholders was up from $61.5 million in the first quarter of 2013. Net income was $.98 per share, compared with $.85 per diluted share.

Also read: Super Bowl XLVIII Helps 21st Century Fox Top Q3 Earnings Estimates

Net revenues increased 37.3 percent to $525 million. First quarter revenues increased primarily because of AMC's acquisition of Chellomedia.

Analysts surveyed by Thomson Reuters had projected earnings of $1.16 a share and revenue of $508 million.

Also read: Discovery Communications Q1 Earnings Miss Estimates

AMC CEO Josh Sapan said "Walking Dead" ratings improved more than 20 percent in the key demographics over last season. He also said AMC was happy with the ratings for the first half of the final season of "Mad Men."

The net revenues were  led by 20.7 percent growth at National Networks.

The post AMC Q1 Profits Up on 'Walking Dead' Ratings, But Miss Expectations appeared first on TheWrap.

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