Wireless business helps Rogers Communications profit to beat expectations

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TORONTO — Rogers Communications Inc. beat expectations as it reported a second-quarter profit of $538 million, up from $528 million a year ago.

The profit amounted to $1.04 per diluted share for the three months ended June 30, up from $1.02 per diluted share a year ago.

Revenue totalled $3.76 billion, up from $3.62 billion, boosted by growth in its wireless business, which saw revenue improve seven per cent.

During the quarter, Rogers says it added 122,000 net new postpaid wireless subscribers while it reduced its postpaid churn rate to 1.01 per cent compared with 1.05 per cent a year ago.

On an adjusted basis, Rogers says it earned $1.07 per diluted share in the quarter, up from 96 cents per diluted share in the same quarter last year.

Analysts on average had expected a profit of $1.05 per share for the quarter, according to Thomson Reuters Eikon.

“We delivered another strong quarter with solid financial and operating results, led by exceptional results in wireless,” chief executive Joe Natale said in a statement.

 

 

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The Canadian Press