Lionsgate LGF.A reported second-quarter fiscal 2021 adjusted earnings of 33 cents per share that beat the Zacks Consensus Estimate by 65%. The company had reported earnings of 22 cents in the year-ago quarter.However, revenues decreased 24.3% year over year to $745 million and missed the consensus mark by 3.2%.Segment DetailsMotion Picture (34.6% of revenues) revenues decreased 36.5% year over year to $257.6 million, primarily attributed to theatre closings related to the coronavirus pandemic, much similar to what Lionsgate’s peer Comcast CMCSA experienced in the July-September quarter.Notably, Comcast division NBCUniversal’s third-quarter Theatrical revenues plunged 94.7% from the year-ago quarter. Lions Gate Entertainment Corp. Price, Consensus and EPS Surprise Lions Gate Entertainment Corp. price-consensus-eps-surprise-chart | Lions Gate Entertainment Corp. Quote However, Lionsgate’s top line benefited from the resumption of film and television production. Markedly, film and television library revenues grew to $166.7 million in the reported quarter.Moreover, the Motion Picture segment generated a profit of $83 million compared with $51 million in the year-ago quarter.Television Production (26.5% of revenues) revenues declined 28% year over year to $197.2 million, primarily due to production schedule timings and episodic deliveries. Segment profit was $9.9 million, down 21.4% year over.The Media Networks segment (52.1% of revenues), formed after the acquisition of Starz, reported revenues of $388.3 million, up 3.8% year over year, driven by increased revenues from STARZPLAY International. Segment profit declined 11.2% to $92.9 million.Starz Networks revenues declined 0.3% year over year to $360.8 million. STARZPLAY International revenues in the quarter surged to $14.2 million from $4.4 million in the year-ago quarter. Streaming services revenues soared 72.7% year over year to $13.3 million.At the end of the quarter, Starz Networks’ domestic OTT subscribers grew to 9.2 million. Global OTT subscribers (from STARZPLAY Arabia and PANTAYA) reached 13.7 million.Operating DetailsLionsgate’s adjusted OIBDA grew 7.6% year over year to $156 million in the reported quarter.Direct operating expenses, as a percentage of revenues, declined 150 basis points (bps) on a year-over-year basis to 49.2%.Moreover, distribution and marketing expenses, as a percentage of revenues, fell 430 bps on a year-over-year basis to 22.4%.However, general & administrative expenses, as a percentage of revenues, increased 520 bps year over year to 15.9%.Operating income was $29.7 million in the reported quarter compared with $57.6 million in the year-ago quarter.Balance Sheet & Cash FlowAs of Sep 30, 2020, Lionsgate had cash and cash equivalents of $463.7 million compared with $376.1 million as of Jun 30, 2020.Moreover, as of Sep 30, 2020, total film obligations and production loans amounted to $405.2 million compared with $388.7 million as of Jun 30, 2020.Net cash flow from operating activities was $122 million at the end of the fiscal second quarter compared with $81.4 million at the end of the previous quarter and $181.2 million in the year-ago quarter.Adjusted free cash flow was $113 million compared with free cash flow of $77 million in the previous quarter and $61.1 million in the year-ago quarter.Zacks Rank & Stocks to ConsiderCurrently, Lionsgate carries a Zacks Rank #3 (Hold).TEGNA TGNA and Callaway Golf Company ELY are a couple of better-ranked stocks in the broader Zacks Consumer Discretionary sector. TEGNA sports a Zacks Rank #1 (Strong Buy), while Callaway Golf carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Both Callaway Golf and TEGNA are set to release quarterly results on Nov 9.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Comcast Corporation (CMCSA): Free Stock Analysis Report Callaway Golf Company (ELY): Free Stock Analysis Report TEGNA Inc. (TGNA): Free Stock Analysis Report Lions Gate Entertainment Corp. (LGF.A): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research