Shaw Communications Announced Financial Results for the Second Quarter

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Shaw Communications Inc. (NYSE: SJR) reported its financial results for the second quarter of 2018. Shares of the company increased 10.5% to C$26.70 per share, and the company’s U.S.-listed shares rose 8.8% to $20.92 per share.

The company reported revenue from continuing operations for the second quarter of C$1.36 billion, which increased 12.4% from the number for the same period last year. In addition, operating income for the quarter was C$501 million.

According to the company, net loss for the second quarter was C$164 million, or C$0.33 per share. The results were worse than a profit of C$147 million, or C$0.30 per share for the same period last year. The company said that the results for the second quarter was mainly due to C$417 million in charges related to the voluntary departure and restructuring programs.

Adjusted earnings per share for the company was C$0.50 per share, which was above analysts’ estimates of C$0.28 per share.

“Our strong second quarter results clearly show that Canadians have a demand for a truly competitive wireless option,” Brad Shaw, the Chief Executive Officer of the company, said in the statement on Thursday.

“Our strategy to grow our Wireless business has been simple: create a wireless provider that offers fairness and value to Canadians and that respects people’s desire to connect when they want, how much they want, and on the iconic devices they want,” Brad continued.

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