Rogers Communications Revises 2024 Revenue Outlook: Media Weakness Takes A Toll

Rogers Communication, Inc. RCI shares are trading relatively flat on Friday.

The company is set to release these details on Thursday, January 30, 2025, before the markets open.

For the full year 2024, Rogers now expects annual consolidated service revenue growth just over 7%, compared to its guidance range of 8% – 10% issued in February of 2024, driven by weakness in media revenue during the fourth quarter. All other guidance items remain unchanged.

Tony Staffieri, President and CEO of Rogers, acknowledged the softness in media revenue for the fourth quarter but emphasized the company’s strong performance throughout the year.

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“Media revenue in the fourth quarter was softer than expected affecting our revenue target for the year,” said Tony Staffieri, President and Chief Executive Officer, Rogers.

In the third quarter, Rogers reported adjusted earnings per share of $1.04, beating analyst estimates of $0.98. Quarterly sales amounted to C$5.129 billion, up 1% from the previous year.

Media revenue rose by 11% this quarter, driven mainly by higher sports-related revenue.

Additionally, after the quarter, Rogers entered into a non-binding agreement with a global financial investor for a C$7 billion equity investment to fund network expansion. The deal is expected to close in the fourth quarter, pending the finalization of contracts.

Price Action: RCI shares are trading higher by 0.16% to $30.43 premarket at last check Friday.

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