AMC Networks Takes $97M Impairment Hit In Q2, Reaffirms Strong Free Cash Flow Outlook
Portfolio Pulse from Anusuya Lahiri
AMC Networks Inc (NASDAQ:AMCX) reported a 7.8% decline in Q2 2024 revenue to $625.9 million, beating analyst estimates. Adjusted EPS fell 38.6% to $1.24, missing expectations. Despite declines in affiliate, advertising, and content licensing revenues, streaming subscribers grew by 5% to 11.6 million, with streaming revenues up 9%. The company took a $97 million impairment hit but reaffirmed strong free cash flow outlook.

August 09, 2024 | 12:24 pm
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AMC Networks reported a 7.8% decline in Q2 2024 revenue to $625.9 million, beating analyst estimates. Adjusted EPS fell 38.6% to $1.24, missing expectations. Despite declines in affiliate, advertising, and content licensing revenues, streaming subscribers grew by 5% to 11.6 million, with streaming revenues up 9%. The company took a $97 million impairment hit but reaffirmed strong free cash flow outlook.
The decline in revenue and adjusted EPS missing expectations are negative indicators. However, the growth in streaming subscribers and revenues, along with reaffirmed strong free cash flow outlook, provide some positive aspects. The $97 million impairment hit and the stock trading lower premarket suggest a short-term negative impact.
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IMPORTANCE 80
RELEVANCE 100