Corus Entertainment earnings up as television and content revenues rise

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TORONTO — Corus Entertainment Inc. says earnings rose in its first quarter of fiscal 2020 on slightly increased television advertising revenue and double-digit revenue growth in its content business, while subscriber and radio revenue fell.

The Toronto-based company says it had a net income of $78.1 million, or 37 cents per share, for the quarter ending Nov. 30, up from $60.4 million or 28 cents per share last year.

Adjusted net income came in at $80 million, or 38 cents per share, up from $70.1 million, or 33 cents per share a year earlier.

It says revenue in the quarter was $467.88 million, up by about $407,000 from last year.

Analysts had estimated 39 cents per share of adjusted income for Corus, with $462.5 million of revenue, according to financial markets data firm Refinitiv.

The Toronto-based company owns the Global television network, specialty TV channels such as HGTV Canada, local radio stations and content production studios.

 

Companies in this story: (TSX:CJR.B)