Hemisphere Media (HMTV) Reports Q1 Revenues Above Consensus

Hemisphere Media (NASDAQ: HMTV) reported Q1 EPS of $. Revenue for the quarter came in at $37.58 million versus the consensus estimate of $36.65 million.

President and Chief Executive Officer of Hemisphere, Alan Sokol, said, "We delivered yet another exceptional quarter. Following impressive results in the third and fourth quarters of 2020, our momentum continued into the first quarter of 2021 as we posted a robust 16% increase in net revenues, including a 35% increase in advertising revenue. This strong revenue growth drove a 37% increase in Adjusted EBITDA.

"Our quarter was highlighted by our acquisition of the remaining 75% stake in Pantaya, the leading U.S. Hispanic subscription streaming service. Since its launch in 2017, Pantaya has redefined Spanish-language entertainment, and has cemented its position as the destination for U.S. Hispanics seeking premium, exclusive content unavailable anywhere else. As we reported last month, Pantaya has approximately 900,000 subscribers, and we are confident that we can grow to 2.5-3.0 million subscribers by the end of 2025. With its unparalleled offering of movies and series and exclusive output arrangements with many of the most important film distributors in Latin America, Pantaya is uniquely positioned for rapid growth.

"In Puerto Rico, WAPA continues to deliver outstanding results. This was another historic quarter for WAPA, with the highest first quarter advertising revenue in WAPA's history. This ad revenue growth, together with our previously reported retransmission fee increases, helped drive our robust results this quarter.

"We also experienced meaningful advertising revenue growth across our U.S. cable networks. And, while the distribution environment is challenging, we continue to secure new launches and expanded carriage, reflecting the power and value of our networks. We recently renewed our distribution agreement with Cox Communications for all of our networks, which includes expanded distribution for Pasiones, WAPA America and Centroamerica TV.

"We are incredibly proud of our performance this quarter. We are well positioned to deliver great value for our shareholders, employees, audiences, and partners, especially with Pantaya under our control, which we believe will be a significant growth engine."

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

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