Why Starz (STRZA) Closed Friday Higher

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.

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