Lions Gate returns to profit in first quarter
Lions Gate Entertainment Corp (LGF.N), an independent film and television studio, on Friday returned to a quarterly profit, driven by double-digit revenue increases at its motion pictures, television, home entertainment, and library businesses.
Net income was $7.1 million, or 6 cents per share, compared with a loss of $53.1 million or 45 cents per share in last year’s first quarter.
Revenue rose 50 percent to $298.5 million from $198.7 million a year ago.
Analysts, on average, had expected a loss of 3 cents per share on revenue of $283.9 million, according to Reuters Estimates.
Shares of Lions Gate closed up 2.4 percent at $10.48 on Friday on the New York Stock Exchange.