Hemisphere Media (HMTV) Reports Q2 Revenues Beat

Hemisphere Media (NASDAQ: HMTV) reported Q2 EPS of $, versus ($0.12) reported last year. Revenue for the quarter came in at $34.74 million versus the consensus estimate of $32.15 million.

President and Chief Executive Officer of Hemisphere, Alan Sokol, said "While our channels were impacted by reduced advertising spending resulting from the pandemic, the trends in our business progressively improved over the course of the quarter. We have seen this recovery accelerate in the third quarter, with strong year-over-year advertising sales growth in July.

"We have a proven playbook for times of crisis and have been able to ensure uninterrupted production of news and entertainment content across all of our channels. As a result, our networks in the U.S. and Puerto Rico maintained and expanded their leadership positions. In Puerto Rico, WAPA delivered all-time record ratings in the second quarter, including a tremendous 76% increase among adults age 18-49, when compared to the prior year period.

"In the U.S., Pasiones, CentroAmerica TV and Cinelatino all delivered record high ratings in the second quarter, while WAPA America approached its highest-ever ratings and delivered a robust 26% increase in overall audience.

"Pantaya, our streaming platform in partnership with Lionsgate, continues to deliver strong growth, and has now reached approximately 800,000 subscribers.

"We continue to focus on operating our business efficiently and maintaining our solid financial position. We grew our cash position in the quarter to $105 million as of the end of the quarter and we have no near-term maturities on our debt. While we remain cautious, we are encouraged by the positive advertising trends, including solid year-over-year growth in July, and in combination with our leading market position and tight cost controls, we are optimistic about our outlook for the back-half of the year."

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

You May Also Be Interested In

• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
• Uxin Limited (UXIN) Tops Q3 EPS by 49c; offers outlook
• Analysts favorite fintech stock Adyen tumbles after revenue miss