A massive one-time tax cut and a strong performance at the box office pushed Lionsgate to a better than expected third quarter, with the studio reporting a nearly $200 million profit on Thursday.
After markets closed, the studio reported $1.14 billion in revenue and earnings of 87 cents a share for the three months ended December 31, which the company classifies as its fiscal third quarter. The sales and earnings beat analyst expectations of $1.08 billion in revenue and 25 cents EPS, respectively.
Earnings were bolstered by $165 million stemming from a lower tax rate, with net income coming out to $193 million.