Quebecor Reports Slight Decline in Profit with Revenue Beat Expectations

Quebecor recently announced its fourth-quarter results, revealing a slight decline in profit but surpassing revenue expectations due to the integration of Freedom Mobile into its network.

Financial Performance

  • Net income stood at 141.2 million Canadian dollars ($104.6 million), or C$0.63 per share, a subtle decrease from the previous year’s C$142.5 million or C$0.62 per share.
  • Adjusted earnings per share were C$0.73, slightly below the anticipated C$0.75 per share as per FactSet’s estimates.
  • Revenue experienced a significant increase of almost 27%, reaching C$1.5 billion, exceeding analyst forecasts of C$1.39 billion.

Acquisition Boost

Quebecor’s telecom division, Videotron, completed the acquisition of Freedom Mobile from Shaw Communications in April, after obtaining regulatory approvals. This transaction resulted in the inclusion of Freedom’s wireless and internet customer base, as well as its infrastructure, spectrum, and retail locations into Quebecor’s portfolio.

Telecom Segment Growth

Telecommunications revenue surged by 35%, primarily driven by the acquisition of Freedom Mobile. Additionally, growth in mobile services and equipment further contributed to this positive financial performance.

For more details and updates on Quebecor’s financial performance, stay tuned for future announcements.

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