Rogers hit by costs related to Shaw acquisition, reports Q4 profit down from year ago

By The Canadian Press on February 1, 2024.

TORONTO – Rogers Communications Inc. reported its fourth-quarter net income fell 35 per cent compared with a year ago as it was hit by costs related to its acquisition of Shaw Communications Inc. and integrating the business.

The company reported net income of $328 million or 62 cents per diluted share for the quarter ended Dec. 31 compared with $508 million or $1 per diluted share a year earlier.

On an adjusted basis, Rogers says it earned $1.19 per diluted share in last three months of 2023, up from $1.09 per diluted share in the last three months of 2022.

Revenue for the quarter totalled nearly $5.34 billion, up from nearly $4.17 billion a year earlier.

The increase came as wireless service revenue rose nine per cent, helped by growth in the company’s mobile phone subscriber base and revenue from Shaw Mobile subscribers. Wireless equipment revenue gained 17 per cent.

Rogers says cable service revenue increased by 94 per cent, primarily as a result of the Shaw deal, while media revenue fell eight per cent as a result of lower sports-related revenue, partially offset by higher advertising and subscriber revenue.

This report by The Canadian Press was first published Feb. 1, 2024.

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

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