AMC Networks swung to a fourth-quarter loss amid higher expenses in its streaming business, higher U.S. programming costs and $118 million in charges. U.S. advertising revenue fell 7.8 percent on lower ratings. Details:
The company swung to a loss as expenses at its streaming services rose and higher ad prices only partially offset"lower delivery" in the fourth quarter, which included the start of season 10 of 'The Walking Dead.'
The company, led by CEO Josh Sapan, posted a fourth-quarter loss of $9 million, or 15 cents per share. The results included the impact of $107 million of impairment and related charges at AMC Networks International, including $98 million for the partial writedown of goodwill associated with the unit and $9 million related to "the disposition of certain businesses" that the firm didn't specify, as well as $11 million in restructuring and other related charges.
Adjusted for one-time items, AMC Networks posted a profit of $96 million, or $1.69 per share, compared with $72 million in the year-ago quarter, or $1.24 per share . Wall Street had been looking for earnings of $1.79 per share. U.S. advertising was down 7.8 percent in the fourth quarter amid "lower delivery, partially offset by higher pricing" and U.S. distribution revenue was up 5.5 percent. The quarter included the start of season 10 ofon flagship network AMC. Quarterly operating income at the U.S. unit decreased 12 percent to $156 million, with adjusted operating income down 13 percent to $182 million.
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