NEW YORK (TheStreet) -- Starz (STRZA) closed higher on Friday after reporting positive subscription growth and better-than-expected earnings over the fourth quarter.
By market close, shares had added 5.6% to $31.15.
The broadcasting network recorded quarterly net income of 62 cents a share, 17 cents higher than analysts surveyed by Thomson Reuters had expected. Net income jumped 42% from a year earlier to $73.34 million.
Boosting profits, the company reported sequential growth for its Starz service of 1% and year-over-year growth of 5% to end December at 22.2 million subscribers. Its Encore service showed flat growth to end at 34.9 million subscribers.Quarterly sales fell 2% to $414.7 million due to a lack of big releases in its distribution segment and fewer in-production projects in its animation segment. Total revenue missed consensus of $430 million. Must Read: Charter Communications Swings to a Profit in 4Q
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV