Quebecor Drives 2Q Profit Despite Revenue Miss

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By Adriano Marchese

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Quebecor Inc. on Thursday reported higher profit in the second quarter despite lower-than-expected revenue in the period, as revenue at its telecom and media segments fell.

The Quebec-based diversified media and telecommunications company said earnings per share were 66 Canadian cents (51 US cents), up from C$0.50 in the comparable quarter a year ago. Net income was C$157.4 million, compared with C$123.5 million a year ago.

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Adjusted earnings were C$0.68 a share, in line with analyst expectations polled on FactSet.

Sales eased to C$1.12 billion from C$1.13 billion. Analysts expected a rise to C$1.14 billion.

Revenue at its largest segment of telecommunications fell to C$912.6 million from C$928.4 million, and at its media segment, its second largest, to C$188.1 million from C$198.2 million.

Sports and entertainment revenue rose to C$45 million from C$33.5 million.

In mid-June, Quebecor entered into an agreement with Rogers Communications Inc. and Shaw Communications Inc. to acquire Freedom Mobile Inc. for C$2.85 billion, which would see the entire mobile and internet user customer base and infrastructure change hands.

The deal is still undergoing regulatory clearances and approvals, including under the Competition Act.

Write to Adriano Marchese at [email protected]

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Credit: www.marketwatch.com /

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