In the third quarter, Quebecor saw a significant increase in profit, driven by the success of its telecommunications business and the recent acquisition of Freedom Mobile. The company’s net income rose to CAD 209.3 million, or CAD 0.91 per share, compared to CAD 178.4 million in the previous year.
Adjusted earnings before interest, taxes, depreciation, and amortization also showed impressive growth, reaching CAD 624.4 million, surpassing analysts’ expectations of CAD 619.7 million. This positive performance demonstrates the success of Quebecor’s strategic moves.
Although revenue missed analysts’ mean forecast, it still experienced a substantial increase, jumping 24% to CAD 1.42 billion. The telecommunications sector was the primary driver of this growth, with a revenue increase of 31% to CAD 1.23 billion. However, the sports and entertainment segment also saw a modest rise (4%), while media revenue declined by 2.4%.
As part of Quebecor’s expansion plans, the company continues to integrate Freedom Mobile into its operations. Additionally, efforts will be made to upgrade Freedom’s wireless network and introduce next-generation 5G services across Canada. These initiatives reaffirm Quebecor’s commitment to providing top-notch telecommunications services.