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Corus stock price dives on depressed Q3 results

Jun. 26, 2020 3:57 PM ETBy: Manshi Mamtora, CFA2 Comments
  • Corus Entertainment (OTCPK:CJREF -16.1%) consolidated revenue for Q3 was C$349M (-24% Y/Y), missed the consensus by C$24.33M.
  • Segment breakup: Television revenues decreased 21% and 8% year-to-date; Advertising revenues decreased 31% and 12% year-to-date; Subscriber revenues were flat and decreased 1% year-to-date; Radio revenues decreased 52% and 23% year-to-date.
  • Net loss for the quarter was C$752.3M vs. a net income of C$66.4M year ago.
  • Loss includes a broadcast license and goodwill impairment charges of C$786.8M or C$3.69/share, and integration, restructuring and other costs of C$2.6M or C$0.01/share.
  • Television segment profit margin of 35%, while radio segment loss margin of 10%, thus a consolidated segment profit margin of 32%.
  • Adjusted EPS of C$0.09 vs C$0.31 prior.
  • "In Q3, we saw increased viewership and engagement across all of our platforms, as Canadians rediscovered the power of television and Corus. With the economy materially impacted by the COVID pandemic, these audiences were not optimally monetized as advertising demand is tightly correlated to sales and economic activity.'' says Doug Murphy, President and CEO.
  • Previously: Corus Entertainment EPS misses by C$0.06, misses on revenue (June 26)

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