Lionsgate released its latest financial results on Thursday with sharply higher overall revenues and a narrowed loss in a first quarter lifted by Antoine Fuqua’s Michael global box office.
The studio, led by CEO Jon Feltheimer, posted a first quarter net loss attributable to shareholders at $28.8 million, compared to a year-earlier $109 million loss, on overall revenue rising to $776.6 million, against a year-earlier $526 million.
That revenue line blew past a Wall Street forecast for $693.1 million in overall revenue. The Michael Jackson biopic has to date brought in $1.013 billion in global box office after the studio tapped Universal to handle the Antoine Fuqua’s movie overseas.
The Michael and Hunger Games studio became a standalone company after splitting from the Starz premium cable and streaming service. Lionsgate also saw its adjusted OIBDA come to $79.3 million, beating an analyst forecast for $65.5 million.
During the latest quarter, the company’s studios business saw its motion picture revenue jump to $587.3 million, against a year-earlier $267.3 million, with box office from Michael and strong ancillary business with The Housemaid providing a lift. Michael becoming the highest-grossing biopic of all time and highest-grossing Lionsgate title ever worldwide helped drive the Lionsgate Motion Picture Group segment profit to $105 million, the best first quarter ever for the studio.
