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Rogers Communication, Inc. (RCI) Announces Earnings Results

20 October 2017

Shares of Rogers Communication (NYSE RCI) traded down 0.93% during midday trading on Thursday, hitting $53.25.

Rogers added 129,000 new mobile customers on contracts in the third quarter, outpacing average analyst estimates in the range of 113,000 and continuing a trend toward higher growth enjoyed by the entire Canadian wireless industry over the past year. Finally, BidaskClub raised shares of Rogers Communication from a "buy" rating to a "strong-buy" rating in a research note on Sunday, July 16th. If you are reading this piece of content on another publication, it was illegally stolen and republished in violation of USA and global copyright law. The original version of this story can be viewed at https://weekherald.com/2017/10/19/rogers-communication-inc-rci-announces-earnings-results.html. The Wireless communications provider reported $0.81 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.00 by ($0.19).

Looking forward, for the quarter ending Dec-17, 6 analysts have a mean sales target of 3,650.09 million.

They expect $0.79 EPS, up 24.05% or $0.19 from last year's $0.6 per share. Royal Bank of Canada increased its stake in Rogers Communication by 11.8% in the first quarter. Beutel Goodman & Co Ltd. now owns 23,399,933 shares of the company's stock worth $940,746,000 after buying an additional 1,077,355 shares during the last quarter. Rogers Communication's revenue for the quarter was up 4.0% compared to the same quarter previous year. US Bancorp DE boosted its stake in Rogers Communication by 8.8% during the 1st quarter. TD Asset Management Inc. now owns 14,968,919 shares of the company's stock worth $633,893,000 after buying an additional 232,775 shares during the last quarter.

A number of institutional investors have recently added to or reduced their stakes in the stock. Finally, Everett Harris & Co. CA now owns 31,845 shares of the Wireless communications provider's stock worth $1,503,000 after acquiring an additional 565 shares during the last quarter.

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The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, September 15th were paid a dividend of $0.48 per share. The ex-dividend date is Thursday, December 8th. Postpaid churn improved 10 basis points to 1.16%.

At the moment 17 analysts are watching Rogers Communication, Inc.

Profit more than doubled to $467-million, but the surge was due in part to a favourable comparison to the same time a year ago, when the company said it would record a $140-million writedown as it shut down its online streaming service Shomi, a joint venture with Shaw Communications Inc. The Company provides wireless communications services, and cable television, Internet and telephony services to consumers and businesses.

Revenue by segment: Wireless, C$2.14B (up 5%); Cable, C$870M (up 1%); Business Solutions, C$97M (up 2%); Media, C$516M (down 3%).

On an adjusted basis, net income was up 22 per cent to $523-million as Rogers posted adjusted operating profit growth of 6 per cent largely on the strength of its wireless business.

Rogers Communication, Inc. (RCI) Announces Earnings Results