On Thursday, AMC Networks Inc. (NASDAQ: AMCX) announced its financial results for the first quarter of 2018. With both earnings and revenue beating estimates, shares of the company rose 3% in premarket trading on Thursday.
According to the company, revenue increased 2.9% to $740.8 million for the first quarter, which beat analysts’ estimates of $721.9 million.
Net income for the first quarter rose from $136.2 million, or $1.98 per share, for the same period last year, to $156.9 million, or $2.54 per share. Adjusted earnings per share for the quarter was reported to be $2.65 per share, which increased from $2.10 per share and beat analysts’ estimates of $2.20 per share.
“AMC Networks delivered strong performance in the first quarter of 2018 with record total company revenues and earnings per share. We have grown total distribution of our networks, reflecting the strength of our well-priced, well-defined brands; the quality of our programming and its popularity with viewers; and the value we create for both traditional and emerging distribution platforms,” Josh Sapan, the President and CEO of AMC Networks, said in the statement on Thursday.
“AMC Networks has the lowest priced offering of any independent programmer and is the most widely available independent programmer among virtual MVPDs, an indicator of our strong position as these emerging platforms continue to grow,” Josh continued.