Overview

* AMC Networks ( AMCX ) Q3 revenue declines 6% yr/yr but beats analyst expectations

* Adjusted EPS for Q3 misses analyst estimates

* Adjusted operating income for Q3 beats analyst expectations

* Company highlights growth in streaming revenue and strategic partnerships

Outlook

* AMC Networks ( AMCX ) expects full-year free cash flow of $250 mln

* Streaming revenue to become largest domestic revenue source this year

Result Drivers

* STREAMING GROWTH - Streaming revenue increased 14% due to price hikes and strategic partnerships, becoming the largest domestic revenue source

* AFFILIATE REVENUE DECLINE - Affiliate revenues fell 13% due to subscriber declines and lower contractual rates

* CONTENT LICENSING DROP - Content licensing revenues decreased 27% due to timing and availability of deliveries

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $561.74 $549 mln

Revenue mln (6

Analysts

)

Q3 Miss $0.18 $0.28 (7

Adjusted Analysts

EPS )

Q3 EPS $1.38

Q3 Beat $94.45 $66.50

Adjusted mln mln (6

Operatin Analysts

g Income )

Q3 EBIT $55.52

mln

Q3 Free $42 mln

Cash

Flow

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and 4 "sell" or "strong sell"

* The average consensus recommendation for the broadcasting peer group is "buy."

* Wall Street's median 12-month price target for AMC Networks Inc ( AMCX ) is $6.00, about 20.8% below its November 6 closing price of $7.25

* The stock recently traded at 3 times the next 12-month earnings vs. a P/E of 2 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)