Stingray Q3 profit up 11 per cent despite COVID-related hit to radio revenues

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MONTREAL — Stingray Group Inc. reported a third-quarter profit of $14.1 million, which grew from a profit of $8.1 million in the same quarter a year earlier.

The Montreal-based music and media company says its profit for the quarter amounted to 19 cents per diluted share, which grew from a profit of 11 cents per diluted share.

Revenue totalled $72.6 million, down from $81.3 million.

On an adjusted basis, Stingray says it had a profit of $21.1 million, compared with a profit of $16.7 million from the same time a year earlier.

Stingray had an adjusted profit of 29 cents per diluted share, up from an adjusted profit of 22 cents per diluted share in the prior year.

The company was expected to report an adjusted profit of 17 cents per share on $74.4 million, according to financial data firm Refinitiv.

Stingray's quarter ended Dec. 31.

This report by The Canadian Press was first published Feb. 3, 2021.

Companies in this story: (TSX:RAY.A, RAY.B)

The Canadian Press