07:19 AM EST, 01/10/2025 (MT Newswires) -- Corus Entertainment (CJR-B.TO) on Friday reported lower first-quarter adjusted profit that nevertheless beat forecasts.

Adjusted net income fell to $28.4 million, or $0.14 per adjusted basic share, from $41.2 million, or $0.20 last year. The result beat the consensus analyst forecast of $0.10 per adjusted share, according to Factset.

Consolidated revenue declined 12% to $327 million, the company said, with both the television and radio segments registering decreases. The result also missed the Factset forecast of $329.6 million.

In its outlook, Corus said it expects the "over-supply" of digital video inventory from foreign competitors to continue, along with lower demand for linear advertising. It expects declines in Television advertising revenue in the second quarter to be similar to the first quarter. The company will continue to focus on additional cost reduction initiatives. It expects to trim general and administrative expenses by 5% to 10% for the second quarter compared to the prior year.

"Our results were in line with the first quarter outlook we provided, reflecting the return to a regular fall programming schedule and lower advertising demand," said John Gossling, co-chief executive and chief financial officer. "We are encouraged by the emerging strength of our product and audiences but given industry and economic conditions, our commitment to pursue further cost reductions remains an integral part of our more comprehensive plan to right-size our business, increase our focus on high-margin assets with growth potential and take necessary steps to strengthen our balance sheet."