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Rogers Communications Q3 revenue and profit down from year ago, but top expectations

Last Updated Oct 22, 2020 at 8:28 am MST

The Rogers Communications sign is marks the company's headquarters in Toronto on April 25, 2012. THE CANADIAN PRESS/Aaron Vincent Elkaim

TORONTO — Rogers Communications Inc. beat expectations even as it reported its third-quarter profit and revenue fell compared with a year ago.

The cable and wireless company says it earned $512 million or $1.01 per diluted share for the quarter ended Sept. 30, compared with a profit of $593 million or $1.14 per diluted share a year ago.

Revenue totalled nearly $3.67 billion, down from $3.75 billion in the same quarter last year.

Rogers says the drop in revenue came as its wireless service revenue fell nine per cent, mainly due to lower roaming revenue due to global travel restrictions during COVID-19 and lower overage revenue as a result of its unlimited data plans.

On an adjusted basis, Rogers says it earned $1.08 per diluted share for the quarter, down from an adjusted profit of $1.19 per diluted share a year ago.

Analysts on average had expected an adjusted profit of 78 cents per share and revenue of $3.34 billion, according to financial data firm Refinitiv.

Rogers is the parent company of this station.

 

The Canadian Press