Quebecor reports $120.9M Q1 profit, down from $121.4M a year ago

The Canadian Press

Quebecor Inc. reported its first-quarter profit attributable to shareholders fell to $120.9 million compared with $121.4 million in the same quarter a year ago.

The company says the profit amounted to 52 cents per diluted share for the quarter ended March 31, up from 51 cents per share a year earlier when it had more shares outstanding.

Revenue for the quarter totalled $1.12 billion, up from $1.09 billion in the same quarter last year.

On an adjusted basis, Quebecor says its income from continuing operations amounted to 59 cents per share, up from 54 cents per share in the first three months of 2022.

The result matched the average analyst estimate for the company's adjusted profit, while the average estimate for revenue was $1.10 billion, according to estimates compiled by financial markets data firm Refinitiv.

Quebecor's Videotron subsidiary completed its acquisition of Freedom Mobile in April for a total purchase price of $2.85 billion.

This report by The Canadian Press was first published May 11, 2023.