AMC
Networks' strong programming led by “Breaking Bad” and “The Walking Dead” helped the company witness soaring advertising revenue during its third-quarter reporting period. But
stock market investors didn’t think that was enough.
National U.S. advertising revenue rocketed 36.3% to $146 million. AMC’s “Breaking Bad” series finale on the AMC
Network occurred in the period, with the network taking in 10.3 million viewers.
Distribution revenues for its U.S. networks grew about a third as fast -- 11.4% to $221 million.
International revenues were up 7% to $31.3 million. Recently, AMC Networks purchased international TV company Chellomedia to build its international business. Overall company revenues were up 19.1% to
$395.3 million, with net income up about a third to $58.1 million.
Analysts such as Vasily Karasyov from Sterne Agee said third-quarter results were a bit softer than expected. He was
anticipating advertising revenues of $152 million, as well as higher distribution fee revenues. The good news is that the networks' costs are lower than expected.
Midday trading of AMC
Networks stock was down 6% to $68.14. The company’s operating income nearly tripled due to financial gains resulting from litigation from a carriage dispute with DISH Network in the third
quarter of 2012
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