NEW YORK (AP) — NEW YORK (AP) — AMC Networks Inc. (AMCX) on Wednesday reported a loss of $55.5 million in its fourth quarter.
The New York-based company said it had a loss of $1.26 per share. Earnings, adjusted for one-time gains and costs, came to 64 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
The owner of cable channels including AMC and IFC posted revenue of $594.8 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $577.5 million.
For the year, the company reported net income of $89.4 million, or $1.66 per share, swinging to a profit in the period. Revenue was reported as $2.31 billion.
AMC Networks shares have fallen 21% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $7.50, a decline of 23% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMCX at https://www.zacks.com/ap/AMCX
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