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AMC Networks Inc (NASDAQ:AMCX) reported a fourth-quarter 2023 revenue decline of 29.6% Y/Y to $678.85 million, beating the consensus of $676.01 million.
The American entertainment company’s adjusted EPS of $0.72 fell 71.4% Y/Y and missed the consensus of $0.89.
Affiliate revenue decreased 16% due to basic subscriber declines, including the 4% revenue impact of a strategic non-renewal that occurred at the end of 2022.
Advertising revenues decreased 23% Y/Y to $158 million due to anticipated linear ratings declines.
Despite these setbacks, AMC Networks reported that streaming subscribers increased 1% to 11.4 million. Compared to third-quarter 2023 subscribers of 11.1 million, fourth-quarter subscribers sequentially increased 3%.
Streaming revenues of $145 million increased 4%, primarily driven by year-over-year streaming subscriber growth.
Adjusted operating income decreased 27% to $100.3 million, with free cash flow at $65.97 million.
AMC Networks Chief Executive Officer Kristin Dolan said: “I’m encouraged that this year we were able to grow streaming revenue and strengthen our subscriber base, expand our consolidated AOI margin to 25%, and meaningfully grow our free cash flow.”
Price Action: AMCX shares are down 20.30% at $13.59 on the last check Friday.
Posted In: AMCX
