(November 11, 2011) Shares of AMC Networks Inc. (NASDAQ: AMCX), a New York City-based company, are soaring in trading today. At last check, the AMC Networks stock was trading 7.47% higher at $36.99 on volume of 137,619.
AMC Networks shares are soaring in trading today after the company announced its third-quarter financial results. For the third quarter ended September 30, 2011, AMC Networks reported net revenue of $284 million, representing an increase of 4.6% over the same period in the previous year. The company’s adjusted operating cash flow for the quarter totaled $123 million, representing an increase of 14.6% over the same period in the previous year.
AMC Networks’ operating income for the quarter was $94 million, representing an increase of 22.8% over the same period in the previous year. The increase in operating income was mainly due to a 24.1% increase in income at National Networks. The company’s net income for the third quarter was $40 million, or $0.56 per share, up from $34 million or $0.49 per share reported for the same period in the previous year.
Josh Sapan, President and CEO of AMC Networks, said that the core of the company’s growth strategy continues to be its investment in original programming. Sapan further said that The Walking Dead season 2 premiere and the company’s performance in the 2011-2012 upfront, underscores the strength of this strategy.
About AMC Networks Inc.: AMC Networks Inc. is a producer of programs and movie content. The company is the owner and operator of a number of brands in cable television.
- The AMC Networks stock has a 52-week range of $29.66-$44.21.
- The stock trades on a daily average volume of 300,410.
- The stock is currently trading above its 50-day and 200-day moving averages, which is a bullish signal.
- The stock’s MACD has crossed the signal line on the upside and is also above the zero-line, which are strong bullish signals.
AMC Networks reported its third-quarter financial results. The company’s shares are soaring following the announcement.