Rogers Q3 adjusted earnings rise slightly

TORONTO – Rogers Communications Inc. said its third-quarter adjusted net income was up one per cent from last year, rising to $501-million — slightly ahead of expectations.

That profit amounted to 97 cents per share on a diluted basis, up from 96 cents or $495-million in the third quarter of 2012.

Analysts had projected Rogers would have 96 cents per share of adjusted earnings, according to Thomson Reuters estimates.

The telecom and media company’s operating revenue grew two per cent to $3.22 billion from $3.18-billion in the third quarter of 2012.

Rogers’ overall revenue was slightly below estimates as its wireless sector experienced a two per cent decline from last year, dropping to $1.85-billion from $1.89-billion.

The company has Canada’s largest base of wireless subscribers, operating the Rogers, Fido and Chatr brands.

The softness in wireless was partially offset by higher cable revenue, up four per cent to $873-million, and higher media revenue, up 12 per cent to $440-million.

Net income under standard accounting was $464-million, or 90 cents per share, essentially flat from a year earlier when it was $466-million, or 90 cents per share.

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