AMC Networks Inc. (AMCX) has reported a 20.07 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $136.22 million, or $1.98 a share in the quarter, compared with $113.44 million, or $1.55 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $144.65 million, or $2.10 a share compared with $152.92 million or $2.09 a share, a year ago.
Revenue during the quarter went up marginally by 1.93 percent to $720.19 million from $706.58 million in the previous year period. Gross margin for the quarter contracted 265 basis points over the previous year period to 58.54 percent. Total expenses were 67.83 percent of quarterly revenues, up from 63.37 percent for the same period last year. That has resulted in a contraction of 446 basis points in operating margin to 32.17 percent.
Operating income for the quarter was $231.67 million, compared with $258.81 million in the previous year period.
However, the adjusted operating income for the quarter stood at $270.33 million compared to $286.57 million in the prior year period. At the same time, adjusted operating margin contracted 302 basis points in the quarter to 37.54 percent from 40.56 percent in the last year period.
President and Chief Executive Officer Josh Sapan said: "AMC Networks is off to a solid start in 2017 with revenue growth and significant free cash flow generation in the first quarter that sets the stage for continued progress for the remainder of the year."
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