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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Corus Entertainment Inc.    CJR.B   CA2208741017

CORUS ENTERTAINMENT INC. (CJR.B)
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Strong TV, ad revenue lift Corus Entertainment shares

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01/11/2019 | 10:55am EST

(Reuters) - Corus Entertainment Inc's growth in first-quarter revenue at its television and advertising businesses prompted investors to overlook its profit falling below estimates, sending the shares of the Canadian media company up 5 percent.

The company has been heavily investing in developing original TV content to compete with U.S. rivals such as Netflix Inc and Amazon.com Inc Prime Video.

Chief Executive Officer Douglas Murphy said in a post-earnings call that its video on-demand platform, offered as an option to online streaming services, also added more audience in the quarter.

"If there is ever a tell that TV has got a strong future, this is it. The vast majority of them (television advertisers) are companies that started digitally and now are moving dollars with television as they're growing," Murphy said.

Profit at Corus' TV business, which houses brands such as Nelvana and Global Television, rose about 10 percent to C$184.6 million. Advertising revenue for the unit rose 4 percent, the company said.

"The culmination of improved ratings, cyclical advertising strength and the seasonal boost in demand has undoubtedly put Corus on a stronger footing for fiscal 2019," RBC Capital Markets analyst Drew McReynolds said.

Total revenue rose more than 2 percent to C$467.5 million, beating analyst estimates of C$451.24 million, according to IBES data from Refinitiv.

However, Corus' net income attributable to shareholders fell 22 percent to C$60.4 million ($45.81 million), or 28 Canadian cents per share, in the first quarter ended Nov. 30.

Excluding items, Corus earned 33 Canadian cents per share, but missed the analyst average estimate of 40 Canadian cents per share, according to Refintiv data.

Corus shares rose 5 percent to C$5.63 in early trading on the Toronto Stock Exchange.

(Reporting by Shanti S Nair in Bengaluru; Editing by Shinjini Ganguli and Arun Koyyur)

By Shanti S Nair

Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM 0.55% 1683.78 Delayed Quote.12.10%
CORUS ENTERTAINMENT INC. -4.45% 5.58 Delayed Quote.17.23%
NETFLIX -0.92% 351.39 Delayed Quote.31.28%
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Financials (CAD)
Sales 2019 1 643 M
EBIT 2019 425 M
Net income 2019 195 M
Debt 2019 1 633 M
Yield 2019 4,30%
P/E ratio 2019 -
P/E ratio 2020
EV / Sales 2019 1,70x
EV / Sales 2020 1,56x
Capitalization 1 164 M
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Technical analysis trends CORUS ENTERTAINMENT INC.
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 6,73  CAD
Spread / Average Target 21%
Managers
NameTitle
Douglas D. Murphy President, CEO & Non-Independent Director
Heather A. Shaw Executive Chairman
John Richard Gossling Chief Financial Officer & Executive Vice President
Shawn Kelly Executive Vice President-Technology
Julie M. Shaw Vice Chairman
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