Hemisphere Media (HMTV) Reports Q3 Revenues Beat

Hemisphere Media (NASDAQ: HMTV) reported Q3 revenue for the quarter came in at $37.17 million versus the consensus estimate of $35.7 million.

President and Chief Executive Officer of Hemisphere, Alan Sokol, said, "I am proud of our performance in the third quarter, especially given the headwinds we faced due to the pandemic. We delivered an impressive 27% increase in advertising revenue, a trend that we have continued into the fourth quarter, reaching an all-time historic high in advertising revenue in October.

"We delivered terrific results at WAPA, fueled by a rebounding advertising market in Puerto Rico and our continued dominant ratings performance. WAPA achieved the highest third quarter ratings in its history in the key Adults 18-49 and 25-54 advertiser demographics. WAPA has now beaten its two major competitors combined in total day ratings for four consecutive quarters, which is a first since Nielsen commenced measuring ratings in Puerto Rico.

"In the U.S., Pasiones, CentroAmerica TV and Cinelatino all defied overall viewing trends, growing total day ratings by over 10%, with CentroAmerica TV increasing total day ratings by nearly 40%. Pasiones delivered its 15th consecutive quarter of year-over-year audience growth, continuing to outperform in prime time. This terrific ratings performance drove strong year-over–year advertising revenue growth for our cable networks.

"During the third quarter, we entered into a renewal of our retransmission agreement with the largest distributor in Puerto Rico, which will be effective January 1, 2021. This agreement provides for a substantial retransmission fee increase.

"We continue to diversify our revenue streams by licensing our valuable content library to existing and new streaming platforms in the U.S. and Latin America. Pantaya remains a bright spot as our audience continue to enjoy its unique premium content offering, and we have an exciting pipeline of movies and series in production.

"Our portfolio of unique assets has delivered outstanding performance and we are excited by our prospects for the fourth quarter and the upcoming year."

For earnings history and earnings-related data on Hemisphere Media (HMTV) click here.

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