Earnings Review and Free Research Report: AMC Networks’ Q2 Bottom-line Beat Expectations; Topline Grew 3.8% Y-o-Y
Research Desk Line-up: Madison Square Garden Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 23, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on AMC Networks Inc. (NASDAQ: AMCX), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=AMCX, following the Company's reporting of its financial results on August 03, 2017, for the second quarter of the fiscal year 2017 (Q2 FY17). The New York-based Company's adjusted diluted earnings per share (EPS) grew on a year-over-year basis, outperforming market expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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For the three months ended June 30, 2017, AMC Networks reported net revenues of $710.55 million, up 3.8% from the $684.83 million recorded at the end of Q2 FY16. However, net revenue numbers for the reported quarter fell short of market expectations of $715 million. Additionally, the Company's quarterly rise in net revenues reflected a 5.6% growth at National Networks, while International and Other revenues fell $7 million.
In Q2 FY17, the owner of cable channels reported net income attributable to AMC Networks' stockholders of $102.60 million, or $1.54 per diluted share, compared to $77.18 million, or $1.05 per diluted share, in Q2 FY16. The Company's adjusted net income attributable to AMC Networks' stockholders stood at $125.86 million, or $1.88 per diluted share, for Q2 FY17 which came in above $84.16 million, or $1.15 per diluted share reported in the prior year's comparable period. Meanwhile, Wall Street had expected adjusted net income of $1.41 per diluted share for Q2 FY17.
In Q2 FY17, the Company spent $534.76 million on operating expenses compared to $506.80 million in the prior year's same period. The Company's operating income was $175.79 million, or 24.7% of net revenues for Q2 FY17 compared to $178.03 million, or 26.0% of net revenues in past year's corresponding period. Additionally, the Company's adjusted operating income increased 8.2% to stand at $228.56 million in Q2 FY17 compared to $211.30 million in Q2 FY16.
During Q2 FY17, National Networks segment's revenue came in at $604.92 million, up 5.6% from $572.63 million in the year ago same period. The segment reported adjusted operating income of $232.17 million in Q2 FY17; rising 12.5% from $206.33 million in Q2 FY16. Additionally, the segment's adjusted operating profit margins rose to 38.4% of segment revenue in Q2 FY17 from 36.0% of segment revenues in Q2 FY16.
AMC Networks' International and Other segment's revenue was $110.84 million in Q2 FY17; falling 6.3% from the last year's comparable period which recorded revenue numbers of $118.28 million. The segment reported adjusted operating income of $1.00 million in Q2 FY17 versus $8.21 million in Q2 FY16. Moreover, the segment's adjusted operating profit margin was 0.9% for Q2 FY17 compared to 6.9% in Q2 FY16.
Cash Flow & Balance Sheet
In the first six months of FY17, AMC Networks generated $165.98 million in cash from its operating activities compared to $229.56 million in the year ago period. Additionally, free cash flow was $113.11 million during H1 FY17 compared to $196.40 million in the first half of FY16.
The Company had cash and cash equivalents balance of $189.48 million as on June 30, 2017, compared to $481.39 million at the close of books on December 31, 2016. Furthermore, the Company ended the quarter with long-term debt of $2.45 billion compared to $2.60 billion as on December 31, 2016.
During Q2 FY17, the Company bought backs approximately 2.8 million shares for $153 million under its share repurchase program. On June 07, 2017, The Company's Board of Directors had increased the share repurchase authorization by $500 million in addition to a formerly announced share repurchase program of $500 million. The Company has further repurchased approximately 925,000 additional shares for $52 million during the period starting from July 01, 2017, through July 28, 2017. Furthermore, the Company had $480 million available under its stock repurchase authorization as of July 28, 2017.
At the closing bell, on Tuesday, August 22, 2017, AMC Networks' stock rose slightly by 0.74%, ending the trading session at $60.25. A total volume of 524.88 thousand shares have exchanged hands. The Company's stock price surged 14.28% in the last three months, 4.78% in the past six months, and 8.21% in the previous twelve months. Moreover, the stock rallied 15.11% since the start of the year. The stock is trading at a PE ratio of 13.02 and currently has a market cap of $3.84 billion.
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