Quebecor’s revenue, profits drop in Q3 2024

Quebecor Inc. saw a drop in both revenues and profit in its most recent quarter. Revenues were down 1.8 per cent or $25.7 million to $1.39 billion in the third quarter of 2024 compared to $1.41 billion in the same period in 2023, while profit for Q3 2024 dipped to $189 million, down by $20.3 million from $209 million. The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were up by 6.3 per cent to $1.78 billion, an increase of $106.1 million from Q3 2023. Quebecor’s sports and entertainment revenues, which include its Videotron Centre arena in Quebec City, were the only segment to see an increase in revenues year-over-year, rising to $64 million from $59.7 million, though it spend less on that segment in this most recent quarter ($1.5 million in capital expenditures in Q3 2024 versus $2.2 million in Q3 2023). Both telecommunications revenue and media revenue were down for the company, which owns internet and television provider Videotron, flanker brands Fizz Mobile and Freedom Mobile, and several TV channels. Telecom revenue dropped to just over $1.2 billion, a decrease from $1.23 billion in Q3 2023. Media revenue dropped to $155.1 million from $166 million last year. The company reported an increase of 132,100 new mobile phone service sign-ups and an increase of 11,800 new subscriptions to its internet services, with the combined wireless customer base of Videotron, Freedom Mobile, and Fizz hitting four million during the quarter. Average revenue per user (ARPU) in mobile services was $35.31 in the quarter, compared to $37.60 in the same period of 2023. Quebecor credited the drop to higher promotion discounts, lower overage revenues, and a change in its customer mix. Spending was up overall at Quebecor, to $158 million from $142 million in the same quarter last year. The company spent more on telecommunications this most recent quarter, hitting $148.8 million compared to $135.7 million last year. Media spending was $8.2 million, up from $3.5 million from last year. Quebecor CEO Pierre Karl Péladeau told analysts during an investors call that the company is happy with the CRTC’s recent decision to revisit wholesale roaming rates, but displeased with the commission’s October decision on the rates competitors must pay to access BCE Inc.’s Bell, Saskatchewan Telecommunications Holding Corp., and Telus Corp.’s existing fibre networks throughout Canada. “We had hoped for a decision that reflects market realities and would allow us to offer much lower Freedom prices. Unfortunately, the CRTC’s decision will prevent us from launching our services on these networks, denying Canadians better services and lower prices,” Peladeau said. The company head urged the CRTC to review and adjust the interim rates it set in its October decision before final rates are decided upon and made public. hdaley@thewirereport.ca

Quebecor’s revenue, profits drop in Q3 2024

Telecom |
By Hannah Daley
| November 7, 2024

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Quebecor’s revenue, profits drop in Q3 2024

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By Hannah Daley
| November 7, 2024