Globe/CP say Shaw increases Q3 profit by 22%
2012-06-29 08:47 ET - In the News
The Globe and Mail reports in its Friday edition that Shaw Communications has posted a $248-million profit in its fiscal third quarter, a 22-per-cent increase from the comparable period last year. A Canadian Press dispatch to The Globe says the profit was equivalent to 53 cents per share, up from 45 cents from a year earlier. The improved profit was attributed to improved costs, a favourable tax ruling this year and an unusual expense in the third quarter of 2011 that was absent. Total revenue was $1.28-billion, about the same as a year earlier. The consensus estimate compiled by Thomson Reuters was for Shaw to have revenue of $1.3-billion for the third quarter with adjusted earnings per share at 44 cents, or 42 cents EPS before adjustments. Free cash flow, which is the amount of discretionary funds available after current debt obligations, was $203-million in the quarter -- down from $240-million a year earlier. Chief executive officer Brad Shaw said the company is on track to achieve its guidance of about $450-million in free cash flow for the full financial year ending Aug. 31. Shaw Cable accounted for more than half of total revenue, at $794-million. Shaw Media's revenue was down about 5 per cent.