AMC Networks posted first-quarter revenues of $741 million, reflecting a 2.9 percent gain, with a net profit of $157 million.
“AMC Networks delivered strong performance in the first quarter of 2018 with record total company revenues and earnings per share,” said Josh Sapan, president and CEO. “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. 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. Our content continues to break through in a cluttered environment, with recent series including BBC America’s Killing Eve, IFC’s Brockmire, and AMC’s Fear the Walking Dead and The Terror drawing wide critical acclaim and strong viewership, and our streaming services, Sundance Now and Shudder, continue to gain traction with consumers. As we focus on delivering shareholder value in the near and long-term, we remain disciplined in our approach to content investments and managing costs while increasingly diversifying our revenue mix through content sales, franchise monetization and new distribution platforms.”
The “National Networks” segment, consisting of the U.S. networks and AMC Studios, delivered revenues at were 2.9 percent higher at $633 million, with adjusted operating income up slightly to $271 million. The company attributed the gains to a 10.8 percent boost in distribution revenues to $407 million, with improved content licensing and subscription revenues. Advertising revenues, however, fell by 8.8 percent to $226 million.
Revenues for AMC Networks International, IFC Films and the SVOD services Sundance Now and Shudder rose by 4.3 percent to $111.4 million, but the segment posted an adjusted operating loss of $2.2 million.