Shaw Communications Inc. announced consolidated financial and operating results for the three and nine months ended May 31, 2024. Consolidated revenue for the quarter and year-to-date period of $1.42 billion and $4.14 billion, respectively, was up 6% and 4% over the comparable periods last year. Total operating income before restructuring costs and amortization1 of $643 million improved 7% over the comparable quarter while the year-to-date amount of $1.81 billion improved 4% over the prior year.
Chief Executive Officer, Brad Shaw said, “I am pleased with our third quarter results and thank our team of 14,000 employees for their focus on disciplined growth and execution of our operating strategies. We continue to deliver value for all our stakeholders.”
Free cash flow1 for the three and nine month periods of $256 million and $618 million, respectively, compared to $240 million and $555 million for the same periods last year. The year-to-date improvement was primarily due to higher operating income before restructuring costs and amortization and lower CRTC benefit obligation funding, partially offset by increased capital investment.
Net income was $209 million or $0.42 per share for the quarter ended May 31, 2024 compared to $228 million or $0.47 per share for the same period last year. Net income for the nine month period was $604 million or $1.23 per share compared to $695 million or $1.45 per share. The current periods include the impact of a write-down of IPTV assets in the amount of $55 million or approximately $41 million on an after tax basis.
Brad Shaw commented, “During the quarter we continued to invest in Shaw Go WiFi providing users with carrier-grade Internet connectivity at approximately 65,000 hotspots. At the end of May we had over 660,000 Internet customers registered on the network connecting over 1.8 million devices.”
“The internet is changing the way we live, communicate, work, and share. In this new world, scale is important and Shaw is committed to building global partnerships that deliver best in class, customer experiences. We are always exploring new ways to enhance our video experience and deliver next-generation services to our customers. We are currently working with Comcast to begin a technical trial of their cloud-based X1 platform and be the first in Canada to capitalize on Comcast’s cloud technology. X1 offers customers a seamless experience across multiple screens and devices both in and out of the home.”
Mr. Shaw concluded, “As we move into the final quarter of the year we are on track to deliver our fiscal year financial guidance with operating income before restructuring costs and amortization expected to be at the lower end of our 5% – 7% guidance range and free cash flow expected to exceed $650 million. We are operating in a dynamic competitive environment driving performance through continuous improvement and leveraging opportunities as they arise. We continue to execute on our strategy to maximize shareholder value through leveraging our network infrastructure, and offering our customers leading edge products and services that they value.”