Corus reports $35.3M Q2 profit, up from $18.5M a year ago, tops expectations

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Corus Entertainment

TORONTO — Corus Entertainment Inc. topped expectations as it reported its second-quarter profit nearly doubled compared with a year ago.

The company says the result was helped by a continued recovery in television advertising revenue, new subscribers to its paid streaming services and growth in its content licensing business.

Corus reported a second-quarter profit of $35.3 million or 17 cents per diluted share for the quarter ended Feb. 28, up from $18.5 million or nine cents per diluted share a year earlier.

Revenue totalled nearly $358.9 million, down from nearly $376 million.

On an adjusted basis, Corus says it earned 18 cents per share in its latest quarter, up from an adjusted profit of 12 cents per share in the same quarter last year.

Analysts on average had expected an adjusted profit of 12 cents per share for the quarter, according to financial data firm Refinitiv.

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