Why AMC Networks Stock Is Soaring Today
Shares of AMC Networks (NASDAQ: AMCX) rose as much as 27.2% on Friday morning, following a fantastic fourth-quarter earnings report. The cable TV content producer and distributor's stock had settled down at a 22% gain by noon EST.
AMC's fourth-quarter sales decreased 0.6% year over year, landing at $780 million. Analysts had expected top-line revenues of just $705 million. Adjusted earnings rose 61% to $2.72 per diluted share. Here, your average Wall Street firm would have settled for $0.52 per share.
The solid revenue reading reflected a 3% decrease in national networks sales and a 7% boost to international sales. The international segment also shrank its operating losses from $118 million to $77 million, more than making up for a $12 million decrease in AMC's domestic operating profits.
Source Fool.com
