Shaw posts markedly better third quarter results

Shaw Communications (NYSE: SJR) has turned its financial state around-with a vengeance. The Canadian cable MSO credited cost savings and a better TV ad market for a 28 percent improvement in Q3 2011 earnings ($203 million versus $158 million in 2010) and a 36 percent jump in overall revenue ($1.28 billion versus $943.63 million).

The gains came at a price. The company cut 550 jobs, including 150 managerial positions, as part of a restructuring that saved about $50 million per year.

The results were touted by newly installed CEO Brad Shaw who credited "timely initiatives undertaken during the quarter" that drove "efficiencies through cost containment and reductions." Shaw said the MSO is "on track" to achieve financial guidance for the year.

For more:
- see this article

Related articles:
Shaw backs down (somewhat) and raises data caps
Shaw launches $600 Gateway set-top to combat competition

Suggested Articles

From dawn to dusk, leading industry research will be shared across a dozen presentations.

NBCUniversal CEO Steve Burke is reportedly planning to leave his position next year, allowing Jeff Snell to take over the chief executive role.

AT&T, Charter and Comcast are ready to turn the page on a historically bad year for video subscriber losses, but 2020 could bring more of the same.