RTTNews | Nov 5, 2021 10:33AM EDT

10:33 Friday, November 5, 2021 (RTTNews.com) - Shares of AMC Networks Inc. (AMCX) are up more than 11% Friday morning after reporting better-than-expected third quarter results.

Net income in the third quarter increased to $110.65 million or $2.55 per share from $61.64 million or $1.17 per share in the same quarter a year ago.

Excluding one time items, earnings were $2.68 per share, that beat the average estimate of analysts polled by Thomson Reuters at $1.22 per share.

Revenue for the quarter increased 24% year-over-year to $810.77 million, driven by growth in content licensing, streaming and advertising revenues. The consensus estimate was for $706.07 million.

Looking forward, Interim Chief Executive Officer Matt Blank said, "In anticipation of having a strong finish to the year, we are increasing our full year financial guidance for total company revenue and AOI. We continue to see subscriber acquisition momentum and high engagement across our targeted streaming portfolio of AMC+, Acorn TV, Shudder, Sundance Now and ALLBLK, and are on track to deliver our year-end streaming target to achieve 9 million paid subscribers."

AMCX is at $48.06 currently. It has traded in the range of $22.89- $83.63 in the past 52 weeks.

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