- In its Q4 2023, Corus Entertainment Inc. (TSX:CJR.B) reported a turnaround from its net loss, but consolidated revenue was flat
- The broadcaster reported a swing-to-profit with net income attributable to shareholders of C$50.4 million in its Q4, compared with a loss of C$367.1 million in its Q4 of last year
- Revenue was flat as the company continues to feel advertising pressure from WGA and SAG-AFTRA strike action across the industry
- Corus Entertainment Inc. last traded at $0.91 per share
In its Q4 2023, Corus Entertainment Inc. (TSX:CJR.B) reported a turnaround from its net loss, but consolidated revenue was flat.
Thanks to gains from its business divestiture, the broadcaster reported a swing-to-profit with net income attributable to shareholders of C$50.4 million in its Q4, compared with a loss of C$367.1 million in its Q4 of last year.
However, revenue was flat as the company continues to feel advertising pressure from WGA and SAG-AFTRA strike action across the industry. Revenue totalled C$338.8 million for the company’s fourth quarter, down slightly from C$339.6 million a year earlier, because of declines in almost all advertising categories as well as subscriber revenues.
“We are focused on what we can control as we navigate through these challenges. We will prudently redirect capital from dividends to debt repayment,” Corus President and Chief Executive Officer Doug Murphy said in a news release. “Our intense pursuit of efficiencies and improved productivity is resulting in significant expense reductions as we streamline our operating model and evolve our business into a multi-platform aggregator of premium video with leading cross platform monetization capabilities. Corus will benefit from a more normalized content supply in the quarters ahead with an improved cost structure as we await a concurrent improvement in the advertising economy.”
The company said its profits amounted to 25 cents per diluted share for the quarter, compared with a loss of C$1.82 cents per diluted share in the same quarter last year.
Corus expects its television advertising revenue in its Q1 of fiscal 2024 will decline in the range of 15 per cent to 20 per cent compared with Q1 2023.
Corus Entertainment Inc. is a diversified, integrated media and content company that develops and delivers brands and content across platforms. The company operates in two segments: television and radio.
Corus Entertainment Inc. last traded at $0.91 per share.
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