Shaw Communications (NYSE:SJR) earnings for the Canadian telecommunications company’s fiscal third quarter of 2020 have SJR stock up after-hours Friday. This comes after reporting adjusted earnings per share of 35 cents on revenue of C$1.31 billion. For comparison, Wall Street was expecting adjusted EPS of 30 cents on revenue of C$1.24 billion.
Here are the big takeaways from the fiscal Q3 2020 Shaw Communications earnings report.
- Adjusted per-share earnings are down 18.6% from 43 cents during the same time last year.
- Revenue for the quarter comes in nearly 1% lower than the C$1.32 billion reported in fiscal Q3 2019.
- The Shaw Communications earnings report also has the company bringing in a net income of C$184 million.
- That’s an 18.9% drop from the company’s net income of C$227 million reported in the same period of the year prior.
Brad Shaw, executive chair and CEO of Shaw Communications, had this to say about the earnings report:
“While we continue to navigate through a period of widespread uncertainty, the solid performance of our business underscores the resilient and critical nature of the services we provide to our customers. Although subscriber activity was subdued during the quarter, primarily due to Canadians staying home to restrict the spread of COVID-19, the financial performance of the Company was excellent.”
Shaw Communications isn’t providing an outlook at this time. The company says the uncertainties surrounding the novel coronavirus are the reason for this. Many other companies are doing the same during the pandemic.
SJR stock was up 2.8% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.