Shaw Communications Inc. is reporting improved profit and revenue for its first quarter, beating analyst estimates.
The cable TV and media company said Tuesday it earned $245 million or 51 cents per share in the quarter ended Nov. 30 as it saw improvements in all three of its major divisions.
The results compared with a profit of $235 million or 50 cents per share in the same period a year earlier.
Revenue gained 3.3%, rising to $1.362 billion from $1.32 billion.
Analysts were looking for 49 cents per share of adjusted earnings with $1.358 billion of revenue, according to Thomson Reuters estimates.
“Our performance was driven by growth in our commercial business, discipline around customer acquisition, and strength in our Internet business,” said chief executive Brad Shaw, a member of the founding family that controls the company.
He said the company is continuing to make investments to improve its residential and commercial infrastructure.
“These further increase the value of our offerings and simplify the ways our customers engage with us,” Shaw said.
Its cable division, which includes home-phone and Internet service, provided $844 million in revenue – up 4% year-over-year.
Satellite revenue increased to $218 million, from $214 million, and revenue at the media business _ which includes the former Canwest specialty TV channels _ was up 2% to $325 million.
In December, Calgary awarded a contract to Shaw to provide free wireless Internet services for city-owned locations such as recreation centres, parks and public transit stations.
