Lionsgate Reports First Quarter 2024 Financial Results
Intellectia.AI1970-01-01
Lionsgate Reports First Quarter 2024 Financial Results
Lions Gate Entertainment Corp. and Lionsgate Studios Corp. reported their financial results for the first quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q1 2024 | Q1 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $834.7M | $822.0M | +1.54% | $645.3M |
| Net Loss Attributable to Lionsgate Shareholders | -$59.4M | N/A | N/A | |
| Diluted Net Loss Per Share | -$0.25 | N/A | N/A | -$0.07 |
| Adjusted Net Income | $20.9M | N/A | N/A | |
| Adjusted Diluted Earnings Per Share | $0.09 | N/A | N/A |
Interpretation: Lionsgate surpassed the consensus revenue estimate by $189.4 million but reported a higher than expected net loss of $0.25 per share, compared to the consensus estimate of a $0.07 loss. Year-over-year revenue showed a modest increase of 1.54%.
Segment Revenue Performance
| Segment | Q1 2024 Revenue | Q1 2023 Revenue | YoY Change |
|---|---|---|---|
| Motion Picture | $347.3M | $408.6M | -15% |
| Television Production | $241.1M | $219.2M | +10% |
| Media Networks (North America) | $345.3M | $342.9M | +1% |
| Total Studio Business | $588.4M | $625.7M | -5.9% |
Interpretation: The Motion Picture segment experienced a 15% decline in revenue due to tough comparisons with the previous year. Television Production revenue increased by 10%, largely due to contributions from eOne. Media Networks in North America saw a slight revenue increase of 1%.
Officer Comments
CEO Jon Feltheimer commented, "We're pleased to report a solid quarter despite unprecedented industry disruption and the aftereffects of the strikes. Our Motion Picture Group, STARZ, and our library performed well, though financial results in our television segment reflected a heavily backloaded year. Importantly, we generated great momentum during and after the quarter by taking a number of steps toward full separation by calendar year-end, subject to the timing of normal regulatory approvals."
Stock Price Movement
The stock price of Lionsgate declined by 1.18% following the release of its earnings report.
In summary, while Lionsgate posted higher-than-expected revenues, challenges remain in their Motion Picture segment, and the company reported a net loss attributable to their shareholders. The company's TV production saw positive gains due to recent acquisitions, and their Media Networks showed minor growth. The forward outlook is cautious, with notable events expected through the end of the year.
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