Revenue Soars Above Expectations
Rogers Communications reported a substantial rise in revenue, reaching C$5.09 billion, surpassing analyst expectations of C$5.07 billion. This figure represents a significant increase from the previous year’s revenue of C$3.74 billion.
Adjusted Earnings Surpass Analyst Predictions
The company also announced adjusted earnings of C$1.27 per share, exceeding analyst predictions of a more modest rise to C$1.11 per share. This positive performance showcases Rogers’ ability to outperform market forecasts.
Anticipated Synergy Cost Reductions
Strong Wireless Performance
Yaghi also emphasized that Rogers’ wireless results continue to demonstrate strong momentum, supported by immigration growth and gross loading leadership. The company’s proactive approach in gaining market share in a high-demand wireless market has proven successful.
Factors Impacting Financial Results
While Rogers Communications achieved remarkable revenue and earnings growth, it did report a loss of C$99 million or C$0.20 per share, compared to a profit of C$371 million or C$0.71 per share in the previous year. This loss can be attributed to higher depreciation and amortization expenses, along with elevated finance and restructuring costs associated with the acquisition of Shaw. Additionally, the company booked a loss of C$422 million on the obligation to purchase at fair value the non-controlling interest in one of its joint-venture investments.
