Rogers Communications’ Q2 profit up amid lower restructuring costs from Shaw merger
By The Canadian Press on July 24, 2024.
TORONTO – Rogers Communications Inc. reported its second-quarter profit rose to $394 million from $109 million a year ago, in part due to lower restructuring and acquisition costs related to its purchase of Shaw Communications last year. The company says the profit amounted to 73 cents per diluted share for the quarter ended June 30, up from 20 cents per diluted share in the same quarter last year. Revenue totalled $5.09 billion, up from $5.05 billion a year earlier, helped by growth in its wireless and media businesses. Rogers says wireless revenue totalled $2.47 billion in the quarter, up from $2.42 billion a year earlier, while media revenue rose to $736 million from $686 million a year ago. On an adjusted basis, Rogers says it earned $1.16 per diluted share in its latest quarter, an increase from its adjusted profit of $1.02 per diluted share in the same quarter last year. President and chief executive Tony Staffieri says Rogers’ strong results for the quarter come amid the backdrop of a growing market and healthy competition in the telecommunications sector. This report by The Canadian Press was first published July 24, 2024. Companies in this story: (TSX:RCI.B) 9-8
