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Corus Entertainment profits up 29% in Q2

The Canadian media company still missed estimates as its TV revenues came in below expectations and its expenses jumped.
April 6, 2017

Canadian media conglomerate Corus Entertainment posted below-estimate profits in Q2 2017, as the company’s TV revenue came in lower than expected and its sales, general and administrative expenses jumped to US$198 million following its acquisition of Shaw Media last year.

The company reported consolidated revenue of US$289.6 million for the period ended February 28, up from US$147.5 million a year ago, representing a 5% decrease on a pro-forma basis.

Profits for the segment were up 29% to US$76.6 million (a 6% increase on last year’s Q2 financials), though the number fell short of estimates, which lay between US$79 million and US$82.8 million, according to RBC Capital Markets.

In total, Q2 profits for Corus’ TV division rose 25%, representing a 1% dip when factoring in the inclusion of the integrated Shaw Media assets.

Meanwhile, ad revenues increased 330% in Q2, down 4% on a pro-forma basis, and subscriber revenues increased 40% in Q2 2017, up 1% on a pro-forma basis.

Elsewhere, merchandising, distribution and other revenues decreased 47% in Q2, according to the report.

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