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Lionsgate Perks Up With Solid Q2 Numbers Powered By Streaming, Better Movies – Update

UPDATED with comments from the earnings call: Lionsgate’s beleaguered stock price rebounded after hours on the strength of a solid second-quarter earnings report. The company on Thursday reported earnings per share of 22 cents, 2 cents ahead of Wall Street analysts’ consensus, with revenue of $983.5 million, also surpassing expectations.

Domestic subscriptions to Starz set a record for sequential growth with 1.2 million additions, giving the company 5.6 million OTT customers. Starz ended the quarter on September 30 with 27 million total subscribers around the world, up 1.8 million from the prior year quarter. The domestic tally stands at 24.7 million.

Even so, investors registered a hopeful note Thursday, sending the company’s beaten-down shares up 2% to $8.32. It gained another 8% after hours to top $9 a share for the first time in weeks.

The Motion Picture Group, which hit major bumps in the latter part of 2018 and early 2019, delivered improved results in the quarter. Highlights included Scary Stories to Tell in the Dark, Angel Has Fallen and Rambo: Last Blood, plus home entertainment results for John Wick: Chapter 3.

Lionsgate still faces a number of thorny issues, from its strategy for Starz to its upcoming carriage renewal with Comcast. During a conference call with analysts to discuss the quarterly results, it declined to address carriage and avoided one question about MA. A ripe acquisition target two years ago, Lionsgate has moved into a different phase. It held talks with CBS about Starz and an acquisition of the premium network, but the discussions did not produce an agreement. Lionsgate closed

Article source: https://deadline.com/2019/11/lionsgate-perks-up-with-solid-q2-numbers-powered-by-streaming-better-movies-1202780619/

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