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Oct 18, 2017

Corus Entertainment shares fall on revenue miss

Atrium at Corus Quay

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Corus Entertainment Inc (CJRb.TO) on Wednesday posted lower-than-expected quarterly revenue, led by a five-per-cent fall in the media company's radio business, dragging its shares down almost five percent.

Corus, which operates a network of radio stations and children's TV channels including YTV, Nickelodeon and Cartoon Network, said its radio segment, which has been struggling for a while, saw revenue come in at $35.2 million, while its television business revenue dipped slightly to $346 million.

Total revenue fell nearly one per cent to $381.2 million, missing the average analyst estimate of $389.7 million, according to Thomson Reuters I/B/E/S.

The revenue miss was mostly on account of lower merchandising, distribution and other ancillary segments, RBC Capital Markets analyst Drew McReynolds said in a client note.

Net income attributable to shareholders rose 15.7 per cent to $28.9 million in the quarter as the company also benefited from a one-time gain of $16.5 million.

Excluding items, Corus earned 22 cents per share, six cents above analysts' expectations.

The Toronto-based company also said it would likely hit its debt-reduction target by the end of the third quarter of fiscal 2018, one quarter ahead of schedule.

Shares of the company were down nearly two per cent at $12.50 on the Toronto Stock Exchange in mid-morning trade, after hitting lows of $12.15.