Cable company bests Wall Street's expectations thanks to hit shows like "Mad Men" and Dish legal settlement
Hit shows like "Mad Men" and a legal settlement with Dish Networks powered AMC Networks to sterling second quarter earnings results.
The cable company bested Wall Street projections Thursday, posting a 15.8 percent net revenue increase over the year-ago period to $379 million. Second quarter net income was $136 million or $1.87 per diluted share, compared with $41 million or 57 cents per diluted share in the second quarter of 2012.
Analysts had expected the cable company to post profits of 78 cents a share and revenue of $367.2 million.
Of course, AMC's balance sheet got a lift from the $133 million it received during the period as part of a settlement with Dish. That dates back to a legal dispute over claims that Dish breached an affiliate agreement when it stopped airing AMC's Voom HD Network in 2008.
"Our original programming continues to fuel the performance of our networks and underpin the Company's growth," President and Chief Executive Officer Josh Sapan said in a statement.
Indeed, AMC, which also numbers IFC and Sundance Channel among its portfolio of channels, is basking in the critical plaudits as shows like "Mad Men" and "Breaking Bad" resulted in 39 Emmy Award nominations for the company, the most nominations of any basic cable programming group.
The company is in transition, however. "Breaking Bad" begins its final season this weekend and "Mad Men" will wrap up its run next year.
Shares of AMC rose 1.01 percent to $71.87 in pre-market trading.