AMC Networks Inc.’s AMCX 32.34%increase; green up pointing triangle adjusted profit jumped in the recent quarter after the company set out on a cost-cutting mission and as Kristin Dolan prepares to take the reins as chief executive later this month.
Including a more-than-$400 million charge tied to a broad restructuring plan that includes layoffs and a decision to remove some legacy shows and films from rotation, the cable-TV company swung to a loss. In November, AMC Networks laid off about 20% of its U.S. employees, and said then-CEO Christina Spade had stepped down.
Earnings, when stripping out the restructuring costs and other charges, came to $2.52 a share, topping analysts’ expectations of $1.02 a share. James Dolan, AMC Networks’ interim executive chairman, said the company is reining in expenses and working to drive cash flow.
Gonna continue to monitor the monthly chart here for a breakout. I am amazed this stock is breaking out on the daily and weekly: