Shaw Communications Q1 Profit Rises, Tops Estimates; Backs FY14 Outlook

(RTTNews) - Diversified Canadian communications company Shaw Communications Inc. (SJR, SJR_B.TO) reported that its first-quarter net income attributable to equity shareholders increased to C$236 million from last year's C$224 million, with earnings per share improving to C$0.51 from C$0.49 in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of C$0.49 per share for the quarter. Analysts' estimates typically exclude special items.

Net income rose to C$245 million from C$235 million in the same period last year. Improved operating income and lower interest expense were partially reduced by higher income taxes.

Revenues for the quarter rose to C$1.36 billion from C$1.32 billion in the prior year quarter. Eight analysts had consensus revenue estimate of C$1.36 billion for the quarter.

Chief Executive Officer Brad Shaw said, "I'm pleased to report solid first quarter results. Our performance was driven by growth in our commercial business, discipline around customer acquisition, and strength in our Internet business. We are continuing to make investments in the customer experience, brand, and residential and commercial infrastructure. These further increase the value of our offerings and simplify the ways our customers engage with us."

Looking ahead for fiscal 2014, the company still expects consolidated revenue and operating income before amortization growth, after adjusting for the net impact of fiscal 2013 acquisition and disposition activity, to range from 2% to 4%. It still expects a marginal decline in capital investment, excluding capital investment funded through the accelerated capital fund, and an increase in cash taxes. Free cash flow is expected to range from C$625 million to C$650 million.