AMC Networks reported lower net income in the first quarter, despite a jump in advertising revenue.
Net income was $143 million, or $2.48 per share, down from $157 million or $2.54 per share, a year ago. The company said net income was affected by write downs of investments in the current quarter and gains a year ago. Operating income was up 4.8%.
Revenue rose 6% to $784 million.
The results were ahead of Wall Street forecasts.
Operating income for AMC’s national networks was up 0.7% to $251.5 million. Net revenue was down 2.7% to $616.1 million.
Advertising revenue was up 5.9% to $239 million. Distribution revenue was down 7.4% to $377 million because of a decrease in content licensing revenue.
Operating expenses were down in the quarter because of lower programming and marketing costs.
“AMC Networks had a strong start to the year and our results have put us on track to achieve our full-year targets,” said CEO Josh Sapan, “With our focused, well-priced and desirable collection of assets, we occupy a differentiated space in the media landscape. We continue to create distinctive content that ignites broad cultural conversation, including Killing Eve and The Walking Dead, some of today’s most enduring IP on any screen, anywhere. We recently greenlit a third Walking Dead original series with more incarnations to come.”