Lions Gate Entertainment Corp. swung to a fourth quarter profit and beat Wall Street expectations, thanks in part to the Twilight franchise.
After market close on Thursday, the Santa Monica independent studio announced net income of $163 million ($1.10 a share) for the quarter ended March 31, compared with a loss of $23 million (17 cents a share) for the same quarter a year earlier.
Revenue rose 22 percent to $786 million. Analysts believed net income would be 47 cents a share on revenue of $753 million.
The studio also announced fiscal 2013 net income of $232 million, compared with a loss of $39 million the prior year. Annual revenue increased 71 percent to $2.7 billion.
The studio noted that home entertainment revenue for the year increased 41 percent. Driving the gains were the studio’s three Twilight films.
"We are performing ahead of plan for all of our metrics, and we're pleased with the financial strength of our diverse portfolio of businesses and our strong and growing momentum building Lionsgate into a next generation global content leader,” Chief Executive Jon Feltheimer said in a statement.
Shares had closed down slightly to $28.03 on the New York Stock Exchange. After earnings were announced, shares jumped 3 percent in after hours trading to $28.97.
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