Shaw results beat analyst forecasts
Canadian Cable giant sees Q3 profit leap 20%TORONTO -- Cable giant Shaw Communications on Wednesday beat the street with higher third quarter earnings from increased cable, digital phone and Internet offerings.
Calgary-based Shaw posted a profit to May 31 of CAN$158 million ($149 million), or CAN$0.37 (35 cents) per-share, up 20% from CAN$132 million or CAN$0.31 cents per-share in 2009.
Thomson Reuters predicted third quarter earnings at CAN$0.34 cents (32 cents) a share.
Overall revenue fell slightly below analyst forecasts, rising 10% to CAN$944 million ($891.2 million), as Shaw faces increasing competition and industry maturity in its core cable, digital phone and Internet businesses.
Shaw added 87,092 digital cable subscribers to get to 1.59 million in all, and another 25,661 Internet for 1.79 million in all, and another 66,123 digital phone customers to get to a 1.04 million customer base.
Shaw also indicated that a $2 billion deal to acquire the TV assets at Canwest Global Communications Corp. will likely close in fall 2010, after it secures final creditor, court, regulatory and federal Competition Bureau approvals.