AMC Networks reported financials for the first quarter of 2017 on Thursday, showing it beat Wall Street’s expectations on earnings, despite ad sales at the National Networks slipping 6.2 percent.
The home to AMC, WE tv, BBC America, IFC, SundanceTV and television production arm AMC Studios posted Q1 adjusted earnings per share (EPS) of $2.10 on $720.2 million in revenue. Media analysts’ earnings expectations were $1.98 per share on $720.97 million in revenue.
The parent to “Better Call Saul” and “Portlandia” may have reached its top line benchmark as well, if it weren’t for those meddling TV ratings.
“AMC Networks is off to a solid start in 2017 with revenue growth and significant free cash flow generation in the first quarter that sets the stage for continued progress for the remainder of the year,” President and CEO Josh Sapan said.
Sapan continued: “Our disciplined approach to investing in high-quality content is building our brands and positioning us well with advertisers and both traditional and new distribution platforms. Looking ahead, we remain focused on costs coupled with smart content investments that will create value for our shareholders over the near and long-term.”
AMC executives will host a conference call to discuss Q1 in greater detail at 11 a.m. ET.