The country's top-rated show powers 19 percent growth at national networks
AMC Networks reported on Thursday a 19 percent increase in fourth-quarter revenue and beat Wall Street estimates, largely on the strength of its national networks and “The Walking Dead.”
Fourth quarter net revenues increased $69 million, or 18.7%, to $435 million over the previous year's fourth-quarter earnings, led by 19.3% growth at National Networks. They include AMC, home of the hit zombie series, which is television's top-rated show.
Analysts polled by Thomson Reuters had expected revenue of $419 million.
But the companies’ adjusted operating cash flow decreased 4.5 percent, or 5 million, to $98 million, compared to the previous year, Fourth-quarter AOCF included a $52 million write-off related to programming. AOCF was also hit by the litigation and associated carriage dispute with Dish Network in 2012.
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AMC Networks also reported full-year earnings. Net revenues increased 17.7 percent to $1.592 billion, operating income increased 60.4 percent to $582 million, and AOCF increased 12.6 percent to $524 million.