Shaw Communications (SJR) 2021 Q3 Financial Results Preview

Shaw Communications Inc. (NYSE:SJR) traces its roots back to 1966, when JR Shaw founded Capital Cable Television Company in Alberta. It initially operated as a subsidiary of Shawcor before becoming a separate entity in 1970. Shaw grew over the years to become a leading telecom player in Canada. Today it offers a range of subscription services, including wirelines, wireless, television, and internet.

The Canadian telecommunications company recently announced strong financial results for the third quarter, mainly driven by the solid performance of its wireline segment. Shaw reported earnings of C$0.70 per share for the three months ended May 31, nearly doubled from C$0.35 per share in the comparable period of 2020.  Analysts, on average, were looking for earnings of C$0.34 per share.

Revenue for the quarter increased 4.8 percent to C$1.38 billion. Moreover, the company added 51,000 new wireless subscribers and 46,600 customers in the quarter. Shaw also announced that its shareholders have voted in favor of the merger with Rogers Communications.

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Speaking on the results, CEO Brad Shaw said, “Following nearly two years of regulatory uncertainty impacting our industry, the recent decisions by the CRTC have restored confidence in the regulatory framework and provided the necessary certainty to make the generational facilities–based investments that are required and critical in support of the latest technologies, strong competition and choice for more Canadians. By Shaw and Rogers coming together, the combined entity will have the scale, assets and capabilities to confidently invest billions of dollars that will serve future generations, help to close the digital divide and deliver coast-to-coast 5G service throughout Canada.”