Zinger Key Points
- Rogers Q4 earnings beat estimates with adjusted EPS of $1.04 and sales of $3.92 billion.
- Rogers sees growth in wireless service and media revenue, with a positive 2025 outlook.
- Get the Real Story Behind Every Major Earnings Report
Editor’s Note: The story has been updated to correct the original revenue and eps numbers reported in USD and erroneously compared with CAD consensus estimate.
Rogers Communication, Inc. RCI shares are trading relatively flat on Thursday.
In U.S. dollars, the company reported fourth quarter adjusted earnings per share of $1.04, beating the street view of $0.97. Quarterly sales of $3.92 billion beat the analyst consensus estimate of $3.84 billion.
In Canadian dollars, the company reported fourth quarter adjusted earnings per share of C$1.46, beating the street view of C$1.36. Quarterly sales of C$5.48 billion beat the analyst consensus estimate of C$5.39 billion. GAAP earnings per share were C$1.02, up 65% year over year.
Wireless service revenue increased by 2% this quarter, primarily as a result of the cumulative impact of growth in mobile phone subscriber base over the past year.
Wireless equipment revenue increased by 9%, primarily as a result of an increase in subscribers purchasing higher-value devices. Cable service revenue was stable this quarter, improving sequentially from the third quarter and from the prior year.
The company declared a quarterly dividend totaling 50 cents per share on each of its outstanding Class B Non-Voting shares and Class A Voting shares. The declared quarterly dividend will be paid on April 2.
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Media revenue increased by 10% this quarter, primarily as a result of higher sports- and entertainment-related revenue, but lower than expectations as previously announced.
Consolidated adjusted EBITDA increased 9% and adjusted EBITDA margin increased by 250 basis points, primarily as a result of ongoing productivity and cost efficiencies.
As at December 31, the company had C$4.8 billion of available liquidity (December 31, 2023 – C$5.9 billion), including C$0.9 billion in cash and equivalents.
“The fourth quarter caps three straight years of industry-leading results,” said Tony Staffieri, President and CEO. “As I look to the year ahead, our 2025 outlook reflects continued growth, strong free cash flow, and investment in our core businesses.”
Outlook: For FY25, the company sees total service revenue to increase 0% to 3%, adjusted EBITDA growth of 0% to 3%, and capital expenditures of $3.8 billion to $4.0 billion.
"In 2025, we expect to have the financial flexibility to maintain our network advantages and to continue to return cash to shareholders," the company said.
Price Action: RCI shares are trading higher by 0.54% to $28.91 at the last check on Thursday. (updated)
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