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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Get more of our free earnings reports coverage from other constituents of the Entertainment - Diversified industry. Pro-TD has currently selected The Madison Square Garden Company (NYSE: MSG) for due-diligence and potential coverage as the Company reported on August 17, 2017, its financial results for Q4 and FY17 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Madison Square Garden when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on AMCX; also brushing on MSG. With the links below you can directly download the report of your stock of interest free of charge at:
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Earnings Reviewed
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.
Operating Metrics
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.
Segment Performance
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.
Share Repurchase
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.
Stock Performance
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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SOURCE: Pro-Trader Daily