Rogers shows slight increases in Q3 revenue, profit

Rogers Communications Inc. says its third-quarter revenue and profit were up slightly from the same time last year – meeting or beating analyst estimates on key financial measures. The Toronto-based cable, wireless and media company’s net income was $495 million or 96 cents per share, up from $489 million or 90 cents per share. Its […]

Rogers Communications Inc. says its third-quarter revenue and profit were up slightly from the same time last year – meeting or beating analyst estimates on key financial measures.

The Toronto-based cable, wireless and media company’s net income was $495 million or 96 cents per share, up from $489 million or 90 cents per share.

Its revenue increased to $3.17 billion, up about 1% from the same time last year.

The revenue was largely in line with analyst estimates compiled by Thomson Reuters but net earnings were seven cents per share higher than anticipated.

Rogers said its adjusted operating profit rose by five per cent to $1.29 billion.

Analysts estimates put adjusted earnings per share at 89 cents based on 13 estimates and net EPS also at 89 cents.

Rogers president and CEO Nadir Mohamed said the higher revenue and operating profit reflected strong sales of smartphone subscriptions and wireless data revenue, as well as better margin in the wireless and cable businesses.

“Despite intensely competitive markets, we continued to successfully leverage our technology leadership to deliver new and innovative products and services and to invest in our networks at a healthy pace, while at the same time continuing to generate strong earnings and free cash flow,” Mohamed said in a statement.

The company’s media arm, which includes print, Internet and broadcast operations, had lower revenue due primarily to continued weakening of the advertising market. The segment’s revenue fell to $392 million from $407 million a year earlier. Adjusted operating profit fell to $50 million from $55 million.

Rogers has eliminated more than 650 jobs so far this year and has said it wants to increase its revenues.

The company also recently bought Score Media, attempting to bring younger viewers with its headline sports news and information and access to digital technology for mobile devices.

Rogers is Canada’s largest cable TV operator and wireless operator and is a major magazine publisher, TV and radio broadcaster and owner of the Toronto Blue Jays.

Rogers has said it expects to launch a credit card that will be part of a “virtual wallet” as the telecom company moves to mobile payments on smartphones.

Rogers and CIBC already have announced they will launch Canada’s first mobile payments system later this year, giving Canadians the ability to pay with their credit card using a smartphone.

Brands Articles

Cineplex asks: Will lightning hit world’s biggest popcorn bag?

Promotion in Windsor builds on #WeatherOrNot campaign

3D printed origami birds burst out of Kubo shelter ad

Isobar, Astral drive bus passengers' attention to eOne movie poster

On The Move: Hires at Twitter Canada, Initiative, The Idea Suite

A weekly update of who's headed where in Canadian marketing and communications

ASC to crack down on paid social media endorsements

New guidelines for endorsers and influencers to come into effect next year

McCain takes to Twitter to dispel Pizza Pocket rumours

Company says popular food brand is undergoing a refresh, not being discontinued

How to be taken seriously as a young agency founder

Dash agency's Christian Lunny on persuading waffling clients

Hermès gives an inside look at craftsmanship

Global exhibition allows consumers to see French artisans at work

Tim Hortons names new president

Sami Siddiqui is promoted from head of finance to president at the coffee shop chain

Sears unveils revamped logo

Developed in-house, it is part of the company's ongoing 'strategic reinvention'