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Rogers Q1 adjusted earnings, revenue up 3% from year ago

Last Updated Apr 21, 2021 at 9:11 am EDT

TORONTO — Rogers Communications Inc. reported a three per cent increase in first-quarter profit compared with the same time last year, which included the first weeks of Canada’s COVID-19 lockdowns.

The Toronto-based wireless, internet and media company reports its net income was $361 million or 70 cents per diluted share, up from $352 million or 68 cents per diluted share in the first quarter of 2020.

Rogers says its adjusted net income was $394 million or 77 cents per diluted share, which was 16.4 per cent above analyst estimates.

Total revenue was nearly $3.49 billion in the three months ended March 31, also above estimates and up two per cent from $3.42 billion a year ago.

About $2 billion of total revenue was from the Rogers wireless business, which has one of Canada’s three national networks and operates under the Rogers, Fido and Chatr brands.

On average, analysts had estimated 66 cents per share of adjusted net income and $3.35 billion of revenue, according to financial information provider Refinitiv.

This report by The Canadian Press was first published April 21, 2021.

Companies in this story: (TSX:RCI.B, TSX:SJR.B)

The Canadian Press