Lions Gate Entertainment Shares Rise 22% on 3Q Revenue Beat

Dow Jones2023-02-11

By Denny Jacob

Lions Gate Entertainment Corp. shares rose 22%, to $9.44, following better-than-expected revenue in the fiscal third quarter.

The motion-picture producer and distributor's stock is on pace for its highest close since Sept. 20, when it closed at $9.96. The stock is also on pace for its largest percentage increase since Nov. 5, when it rose more than 26%.

Lions Gate posted net income of $15.2 million, or 7 cents a share, for the three months ended Dec. 31, compared with a loss of $48.9 million, or 20 cents a share, a year earlier.

Adjusted earnings were 26 cents a share, above estimates of 6 cents a share from analysts polled by FactSet.

Revenue rose to $1 billion from $885.4 million a year ago. Analysts expected revenue of $888.1 million.

Revenue was lifted by gains across its television production and motion-picture segments.

Lions Gate said revenue from its studio business, made up of the motion-picture and television-production segments, grew primarily from library sales and the delivery timings of scripted content. Lions Gate's media-networks-segment revenue declined.

"We enter our fourth quarter with encouraging signs across all of our businesses," said Chief Executive Jon Feltheimer, citing rebounding demand at movie theaters, renewals of certain television series and improved Starz economics due to an international reorganization.

Shares are down about 25% over the last 12 months.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

February 10, 2023 14:54 ET (19:54 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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