Rogers Communications Inc. reported first-quarter FY22 revenue growth of 4 percent year-on-year to C$3.62 billion. Service revenue grew 6 percent Y/Y to C$3.2 billion.
Rogers attracted 66,000 net postpaid mobile phone subscribers, up from 22,000 last year, with a churn of 0.71 percent.
Wireless service revenue increased by 7 percent Y/Y, mainly due to higher roaming revenue.
Cable service revenue increased by 1 percent Y/Y due to service pricing changes and increased Internet and Video subscriber bases.
Media revenue increased by 10 percent Y/Y due to higher sports-related revenue.
Adjusted EPS of C$0.91 improved 18 percent from C$0.77 last year.
Margin
Adjusted EBITDA margin expanded 260 bps to 42.5 percent.Rogers generated C$813 million in operating cash flow and held C$13.9 billion in cash and equivalents.
“Rogers delivered strong first-quarter results across all our businesses, driven by better execution and the continued improvement in Canada’s economy,” CEO Tony Staffieri said. “As a result, we are increasing Rogers’ 2022 service revenue, adjusted EBITDA, and free cash flow guidance to reflect our improved outlook, ahead of further growth associated with the Shaw transaction.”
Outlook
Rogers raised its FY22 service revenue growth outlook from 4 percent–6 percent to 6 percent–8 percent.By Anusuya Lahiri
© 2022 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.
