Net revenues increase 37.3 percent
AMC Networks reported $71.3 million in profits for the first quarter, thanks in part to “The 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.
Net revenues increased 37.3 percent to $525 million. 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.
AMC CEO Josh Sapan said “The 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.”