Lionsgate Beats Big on the Bottom Line
Moviemaker Lionsgate reported fiscal 2014 second-quarter results today before the markets opened, showing that it posted revenues of $498.7 million, a 29% drop from the same period in the previous year, and below the $528.9 million Capital IQ consensus estimate.
While adjusted net income came in at $40.2 million, or $0.18 per share, down sharply from $87.5 million, or $0.58 per share, in the same period in 2013, it was $0.11-per-share better than the CapIQ estimates of $0.07 per share.
Lionsgate says its results were harmed by comparisons to last year, which included the home entertainment release of The Hunger Games as well as timing of television deliveries. It expects the first of the next three films in the Hunger Games franchise to be released later this month, with subsequent films coming annually thereafter.
The moviemaker didn't provide guidance for the coming quarter, but analysts anticipate Lionsgate will post earnings of $0.43 per share in the third quarter on revenues of $814.9 million.
Shares of the moviemaker were down less than 1% in midday trading.
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