AMC Networks (AMCX)

[eastunder]

AMC Networks earnings blow past estimates, ends year with more than 9 million streaming subscribers

Published: Feb. 16, 2022 at 7:25 a.m. ET

By Ciara Linnane

AMC Networks Inc. AMCX, +0.66% said it achieved record revenue in 2021 and ended the year with more than 9 million paid streaming subscribers, posting fourth-quarter numbers that fell sharply from a year ago but blew past estimates. The network that is home to shows including "Fear the Walking Dead" posted net income of $17.0 million, or 39 cents a share, for the quarter, down from $94.7 million, or $2.09 a share, in the year-earlier period. Adjusted per-share earnings came to 54 cents, more than double the 19 cent FactSet consensus. Revenue rose 3% to $803.7 million from $780.3 million a year ago, also ahead of the $755.0 million FactSet consensus. The company is now on track to achieve its long-term goal of 20 million to 25 million subscribers by the end of 2025. For 2022, it is expecting strong demand for its original content, including the return of "Better Call Saul" and "Killing Eve." Shares were down about 1% premarket and have fallen 10% in the last 12 months, while the S&P 500 SPX, -1.17% has gained 13.7%.