Lions Gate Entertainment Corp. Earnings: Loss Narrows but Misses Estimates
Lions Gate Entertainment Corp. (NYSE:LGF) reported its results for the third quarter. Lions Gate Entertainment is engaged in the production and distribution of motion pictures, television programming, home entertainment, family entertainment, video-on-demand, and digitally delivered content.
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Lions Gate Entertainment Corp Earnings Cheat Sheet for the Third Quarter
Results: Loss narrowed to $1.7 million (loss of one cent per diluted share) from $6 million (loss of 4 cents per share) in the same quarter a year earlier.
Revenue: Fell 23.6% to $323 million from the year earlier quarter.
Actual vs. Wall St. Expectations: Lions Gate Entertainment Corp. fell short of the mean analyst estimate of 9 cents per share. It fell short of the average revenue estimate of $363.5 million.
Quoting Management: “We had no wide theatrical releases in the quarter, but we received solid contributions from our other operating divisions and another strong performance by EPIX,” said Lionsgate Chief Executive Officer Jon Feltheimer. “We’re very excited about the opportunities created by our recent acquisition of Summit Entertainment. The February 11 home entertainment release of Twilight Saga Breaking Dawn 1, the March 23 theatrical release of Hunger Games and the November 16 theatrical release of Twilight Saga Breaking Dawn 2 lead a strong combined slate that we believe will enable us to deliver increased consistency, profitability and value to our shareholders.”
Revenue has fallen in the past four quarters. Revenue declined 21.5% to $358.1 million in the second quarter. The figure fell 20% in the first quarter from the year earlier and dropped 12.5% in the fourth quarter of the last fiscal year from the year-ago quarter.
The company fell short of forecasts after beating estimates in the previous two quarters. In the second quarter, it topped the mark by 9 cents, and in the first quarter, it was ahead by 15 cents.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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