MONTREAL – Quebecor Inc. saw first quarter revenues rise 3.4% to $1.09 billion, adjusted EBITDA climb 3.7% to $453 million, a cash flow increase of 4.3% to $307.6 million, and adjusted income jump 16.5% to $130 million, the company reported this morning.
All of this was led by the company’s telecommunications (Videotron) unit which showed strong growth through Q1, ended March 31, 2021. Videotron “significantly increased its revenues from mobile services and equipment ($23 million or 11.1%), Internet access ($19.1 million or 6.9%) and wireline equipment ($18.4 million or 65.0%),” reads the company press release.
There was a net increase of 22,100 revenue-generating units (each service sold to a customer is counted as one unit), a 1.5% in mobile telephony (Videotron and Fizz) and 10,600 (0.6%) in wireline Internet access.
The company’s broadcast division (TVA Group) is included in Quebecor’s results, and reported separately here.
“We’re off to a good start in 2021, despite the challenges created by the public health situation, which continues to impact some of our business segments,” said Pierre Karl Péladeau, president and CEO of Quebecor.
“We are proud of our acquisition in the first quarter of 2021 of Cablovision Warwick, a company that has been part of the landscape in the Centre-du-Québec region for more than 40 years, along with its network. This transaction further illustrates our commitment to connecting people in all parts of Québec,” he added.
“We also continue winning new mobile customers,” added Jean–François Pruneau, outgoing president and CEO of Videotron, in the release. “During the last 12 months, we added 133,400 subscriber connections, partly because of Fizz’s new mobile device offering. We also saw demand growth for our Internet access service, with 74,000 customers added during the period, as well as for our Helix home entertainment and connected lifestyle platform, which has now reached 826,000 RGUs.”
“I extend my heartfelt thanks to Jean-François Pruneau, who is leaving the corporation on June 4, 2021, for his many accomplishments at Quebecor over the past 20 years,” said Péladeau. “His strong leadership and keen business acumen have made an important contribution to developing the Corporation’s business plan and building its solidity. I wish him every success in his new challenges.
For the full report, please click here.
