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AMC Networks Q2 Profit Rises, But Misses Estimates; Confirms Annual Outlook - Update

(Adds Outlook)

AMC Networks Inc. (AMCX) reported earnings for its second quarter that increased from the same period last year but missed the Street estimates.

The company's earnings totaled $83.42 M, or $1.91 per share. This compares with $35.88 million, or $0.83 per share, in last year's second quarter.

Excluding items, AMC Networks Inc. reported adjusted earnings of $90.08 million or $2.06 per share for the period.

Analysts on average had expected the company to earn $2.31 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 4.3% to $738.02 million from $771.39 million last year.

Outlook:

For the fiscal 2022, the company still expects a low single-digit revenue growth with adjusted operating income around 10% lower than the full year 2021. For the fiscal 2021, the company had posted adjusted operating income of $816 million.

AMC Networks Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $83.42 M. vs. $35.88 Mln. last year.
-EPS (Q2): $1.91 vs. $0.83 last year.
-Analyst Estimate: $2.31
-Revenue (Q2): $738.02 Mln vs. $771.39 Mln last year.

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