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NEW YORK - AMC Networks Inc. (NASDAQ:AMCX) reported fourth quarter results that fell short of analyst expectations, as the media company continues to face challenges in its traditional TV business. Despite this, AMCX shares were up 6% in premarket trading Friday.
AMC Networks posted adjusted earnings per share of $0.64 for the fourth quarter, missing the analyst consensus estimate of $1.03. Revenue came in at $599 million, below the $609.37 million analysts were expecting and down 11.7% compared to $678.8 million in the same quarter last year.
The company's domestic operations segment saw revenue decline 10.6% year-over-year to $520.2 million. Subscription revenues decreased 4% to $314 million due to declines in the linear subscriber universe, partially offset by streaming revenue growth. Advertising revenues fell 12% to $139 million, which the company attributed to linear ratings declines and a challenging entertainment advertising marketplace.
On a positive note, AMC Networks' streaming revenues increased 8% to $156 million, driven by subscriber growth and price increases. The company ended the quarter with 12.4 million streaming subscribers, up 8% year-over-year.
"We are pleased and encouraged by our results in the fourth quarter and across all of 2024," said AMC Networks CEO Kristin Dolan. "We achieved our full-year guidance across all key financial metrics, including generating healthy free cash flow of $331 million."
For the full year 2024, AMC Networks reported revenue of $2.42 billion, down 10.7% from 2023. The company posted an operating loss of $39.6 million for the year, compared to operating income of $388.4 million in 2023.
Looking ahead, AMC Networks said it is increasing its expectations to approximately $550 million of cumulative free cash flow over the 2024-2025 two-year period.
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