AMC Networks Inc. (NASDAQ: AMCX) stock fell hard Friday, on reporting financial results for the first quarter ended March 31, 2024.
Net cash provided by operating activities of $151 million; Free Cash Flow of $144 million. Operating income of $110 million; Adjusted Operating Income(1) of $149 million, with a margin of 25%.
Net revenues of $596 million decreased 17% from the prior year. Excluding nonrecurring revenues related to Silo and 25/7 Media, net revenues decreased 6%
Streaming revenues of $145 million increased 3% from the prior year. Diluted EPS proved to be $1.03; Adjusted EPS
CEO Kristin Dolan said: “In the first quarter, we continued to execute on our strategic priorities, including the ongoing delivery of healthy free cash flow. As new technologies transform the way media is consumed, we continue to produce great content and make it available to viewers whenever and wherever they want to watch. We recently strengthened our balance sheet by completing a series of financing transactions that meaningfully extended our debt maturities. This creates substantial flexibility for us as we continue to leverage our core strengths and reorient our business around the consumer-driven changes that are happening across the industry.”
AMCX shares lost $1.50, or 11%, to open Friday at $12.22.