Corus Entertainment profit falls, revenue exceeds Q3 views

Adriano Marchese

Corus Entertainment Inc. on Wednesday reported a drop in third-quarter earnings despite higher-than-expected earnings.

The Canadian media and entertainment conglomerate reported earnings per share of 14 Canadian cents (11 US cents) in the three months ended May 31, compared to 0.19 Canadian dollars a year earlier.

Net income was CAD 33 million compared to CAD 48.3 million.

Consolidated revenue rose 8% to C$433.5 million from C$403 million, beating analysts’ expectations of C$417 million, according to analysts polled by FactSet. Revenues in the company’s television segment, its largest, grew 6%, while its radio segment saw revenue rise 27%, the company said in a statement.

The company said free cash flow fell to CAD 27.5 million from CAD 64.7 million. He blamed the decline on a C$37.5 million decrease in cash generated from operations.

The Board of Directors declared a quarterly dividend of CAD 0.06 per participating Class B non-voting share.

Email Adriano Marchese at adriano.marchese@wsj.com


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