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Jan 11, 2019

Corus reports Q1 profit down, TV ads help revenue edge higher

Corus results better than they appear: Media and technology analyst

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TORONTO -- Corus Entertainment Inc.'s earnings came in below estimates as its first-quarter profit fell from a year ago due to an accounting change related to its TV brand assets, but revenue edged higher due to gains in television advertising.

The television, radio and production company says its profit attributable to shareholders fell to $60.4 million or 28 cents per diluted share for the quarter ended Nov. 30 as amortization charges rose due to the accounting change. The result compared with a profit of $77.7 million or 38 cents per diluted share a year ago.

On an adjusted basis, the company said it earned $70.1 million or 33 cents per share, down from $78.9 million or 38 cents per share in the same quarter last year.

Analysts had estimated 40 cents per share of adjusted earnings, according to Thomson Reuters Eikon.

Revenue totalled $467.5 million, up from $457.4 million and above the estimate of $451.2 million, as television revenue increased to $426.2 million compared with $415.5 million a year ago.

Radio revenue amounted to $41.3 million, up from $41.9 million.

Corus owns specialty and conventional television stations, including the Global Television network as well as radio stations, a children's book publishing business and other services.