MONTREAL – Quebecor today reported its third quarter financial results, which show its revenues were up 3% from the same quarter in 2020 to $1.2 billion and adjusted EBITDA increased 1% to $520.3 million.
Quebecor reported an increase in revenue in its media segment from $157.2 million in Q3 2020 to $190.6 million in Q3 2021. Adjusted EBITDA for the segment increased from $24.9 million to $36.6 million.
Sports and entertainment also saw an increase in both revenue and adjusted EBITDA with revenue going from $48.5 million in Q3 2020 to $49.1 million in 2021 and adjusted EBITDA going from $7.6 million to $11 million.
Advertising revenues at TVA Network and on specialty channels “increased for the third consecutive quarter compared with the same period of the previous year,” said Pierre Karl Péladeau, president and CEO of Quebecor, in a press release.
The company’s telecommunications segment saw a slight increase in revenue from $937.9 million in Q3 2020 to $939.5 million in Q3 2021 while adjusted EBITDA decreased from $483.6 million to $476.8 million.
Videotron “significantly increased its revenues from Internet access services ($15.9 million or 5.6%) and mobile telephony ($13.4 million or 8.0%) in the third quarter of 2021,” a press release says.
“Videotron and Fizz continue to stand out with their ability to reach new customers and to enhance the richness of their offerings,” said Péladeau. “Together, they achieved an unprecedented 37% market share of new subscriber connections to mobile services in the third quarter of 2021, ranking them first and second respectively in Québec.”
Péladeau said the reopening of the economy after pandemic-related shutdowns has enabled the company “to stay on track toward our growth and profitability targets. In addition, our strong financial performance positions us very advantageously to capitalize on our many operational and technological advances and on our potential for cross-Canada expansion.”
On a conference call with investors this morning, Péladeau briefly touched on Videotron’s lawsuit against Rogers. “We always acted as a true partner to Rogers and tried to avoid the unpleasant publicity of a public report,” he said.
Péladeau indicated they tried to settle their differences “but to no avail.”
“Given the current events at Rogers, we now understand why our discussions were not a priority and sincerely hope that when the air clears at Rogers we may have a chance to engage in a constructive dialogue with open-minded individuals.”
For more on Quebecor’s Q3 consolidated financial results, please click here.
