Shaw Communications Q1 Profit Decreases; Confirms 2016 Guidance - Quick Facts

(RTTNews) - Shaw Communications Inc. (SJR_B.TO, SJR) reported first-quarter net income of C$218 million or C$0.43 per share compared to C$227 million or C$0.46 per share, last year. The company said the decrease resulted primarily from higher income taxes and amortization, partially offset by an improvement in operating income before restructuring costs and amortization. Operating income before restructuring costs and amortization was C$626 million, up 3.3% over the comparable period.

On average, six analysts polled by Thomson Reuters expected the company to report profit per share of C$0.48 for the quarter. Analysts' estimates typically exclude special items.

Revenue was C$1.42 billion, up 2.2% over the comparable period. Analysts expected revenue of C$1.42 billion for the quarter.

Looking forward, Shaw Communications said it will continue to operate current businesses until such time the WIND and Shaw Media transactions close. Shaw confirmed that there are no changes to its previously issued fiscal 2016 guidance. Operating income before restructuring costs and amortization is expected to range between flat to low single digit growth over 2015 and free cash flow expected to range between C$665 and C$680 million.

The Board of Shaw Communications has confirmed its current annual dividend rates of C$1.185 on Class B Non-Voting Participating Shares and C$1.1825 on Class A Participating Shares.