Lions Gate Entertainment Corp. (LGF) Thursday reported a swing to profit in the fourth quarter from a loss last year, driven mainly by increased revenues. Earnings for the quarter came in ahead of analysts' estimates as did revenues.
Lion Gate's revenues for the quarter grew to $785.7 million from $645.2 million last year. Ten analysts polled by Thomson Reuters had a consensus revenue estimate of $753.0 million for the quarter.
Chief Executive Jon Feltheimer said, "We completed a stellar fiscal 2013 with an outstanding fourth quarter that reflected strong contributions from our young adult franchises as well as the rest of our theatrical slate and our home entertainment and international businesses."
Lions Gate results have benefited from the loyal young-adult fan base for its Twilight series and Hunger Games movies. The DVD and Blu-ray unit sales of Twilight Breaking Dawn - Part 2-- the fifth and final installment in the Twilight series, was 3.85 million on its first weekend of launch in early March.
Lions Gate gained the Twilight Saga film series through the acquisition of Summit Entertainment, which has grossed more than $3.3 billion at the worldwide box office. Lions Gate acquired Summit for $412.5 million. Meanwhile, a sequel to the 2012 blockbuster Hunger Games-- The Hunger Games: Catching Fire, will release on November 22, 2013.
Santa Monica, California-based Lions Gate Entertainment reported fourth-quarter profit of $163.0 million or $1.10 per share, compared to a loss of $22.7 million or $0.17 per share last year.
Adjusted earnings were $0.61 per share compared to a loss of $0.06 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.
LGF closed Thursday's regular trading at $28.03, down $0.41 or 1.44%, on the NYSE. The stock gained $1.18 or 4.21% in after-hours trade.
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