MONTREAL — Quebecor Inc. more than doubled its dividend as it reported its first-quarter profit rose compared with a year ago.
The media and telecommunications company says it will now pay a quarterly dividend of 11.25 cents per share, up from 5.5 cents.
The increased payment to shareholders came as Quebecor says it earned $189.0 million or 74 cents per share in the first quarter of 2019, up from $57.1 million or 24 cents per share a year earlier.
Revenue totalled nearly $1.03 billion for the quarter ended March 31, compared with $1.00 billion in the first quarter of 2018.
On an adjusted basis, Quebecor says it earned 44 cents per share from continuing activities compared with 38 cents per share a year ago.
Analysts on average had expected a profit of 44 cents per share and revenue of $1.03 billion, according to Thomson Reuters Eikon.
Companies in this story: (TSX:QBR.B)
The Canadian Press