Quebecor Inc. says its net income attributable to shareholders in the fourth quarter of 2018 was $116.8 million, up from $70.4 million in the year-earlier period.
The profit amounted to 46 cents per basic share, up from 29 cents per basic share in the fourth quarter of 2017.
Adjusted income from continuing operations was $132.7 million, or 52 cents per basic share, which was above analyst estimates.
Revenue was in line with estimates at $1.09 billion, up from $1.06 billion a year earlier.
Analysts had estimated Quebecor’s adjusted income from continuing operating activities at $124.15 million or 48 cents per share, with $1.09 billion of revenue, according to Thomson Reuters Eikon.
Since last year’s fourth-quarter report, Quebecor paid $1.69 billion to acquire the share of Quebecor Media that had been held by the Caisse de depot et placement du Quebec, the provincial pension fund manager.
The Caisse initially owned 45 per cent of the media company after injecting $3.2 billion to help Quebecor buy Videotron, a cable company that has since evolved into one of Canada’s regional wireless communications companies.
“Our positive results in the fourth quarter of 2018 cap what was an excellent year in many respects, driven once again by Videotron’s strong numbers,” said Pierre Karl Péladeau, Quebecor’s president and chief executive officer.
He added that the purchase of the Caisse’s share of Quebecor Media means that Quebecor has access to all its cash flows.
