Overview

• AMC Networks Q3 revenue declines 6% yr/yr but beats analyst expectations

• Adjusted EPS for Q3 misses analyst estimates

• Adjusted operating income for Q3 beats analyst expectations

• Company highlights growth in streaming revenue and strategic partnerships

Outlook

• AMC Networks expects full-year free cash flow of $250 mln

• Streaming revenue to become largest domestic revenue source this year

Result Drivers

• STREAMING GROWTH - Streaming revenue increased 14% due to price hikes and strategic partnerships, becoming the largest domestic revenue source

• AFFILIATE REVENUE DECLINE - Affiliate revenues fell 13% due to subscriber declines and lower contractual rates

• CONTENT LICENSING DROP - Content licensing revenues decreased 27% due to timing and availability of deliveries

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and 4 "sell" or "strong sell"

• The average consensus recommendation for the broadcasting peer group is "buy."

• Wall Street's median 12-month price target for AMC Networks Inc is $6.00, about 20.8% below its November 6 closing price of $7.25

• The stock recently traded at 3 times the next 12-month earnings vs. a P/E of 2 three months ago

Press Release: ID:nGNX96wHqw

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)