Lions Gate Entertainment Corp. (NYSE:LGF.A) reported its latest quarterly earnings results after the bell Thursday and topped Wall Street’s expectations on the earnings and revenue fronts.
The movie studio reported adjusted operating income of $136 million for its fourth quarter of fiscal 2018, which was better than the $121.5 million that analysts were calling for. The company’s fully diluted earnings reached 24 cents per share, ahead of analysts’ expectations of a loss of a penny per share.
Lions Gate Entertainment unveiled total revenue of $1.04 billion for the period, which was a full $30 million ahead of the Wall Street consensus estimate. However, all was not well for the company as its motion picture revenue fell steeply from to $424.9 million from $654 million in the year-ago quarter.
Its TV production revenue gained slightly to $252.7 million, while its TV production profits nearly doubled to $23.4 million from $13 million in the year-ago quarter. Lions Gate Entertainment’s Television Production segment saw revenues come in at $805 million, below the $843 million it raked in during the year-ago quarter.
The company’s segment profits were up by 6% compared to the year-ago quarter to $67 million in the fiscal year. The studio has been looking to expand its mark beyond TV and theaters as it is selling film rights to plenty of streaming sites.
LGF stock gained about 0.8% after the bell thanks to its strong earnings showing following a 1% dip during regular trading hours.