Rogers Communication, Inc. shares are trading lower after the company reported third-quarter results.

In U.S. dollars, adjusted earnings per share of $1.04 beat the analyst consensus estimate of 98 cents.

In Canadian dollars, the earnings per share were C$1.42, up 12% year over year. Quarterly sales totaled C$5.129 billion, up 1% year over year.

Wireless service revenue grew by 2% this quarter, mainly due to an increase in mobile phone subscribers over the past year.

Cable revenue fell by 1% this quarter but showed improvement from previous quarters, impacted by competitive promotions and a drop in Home Phone and Satellite subscribers.

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

Also Read: Delivery Giant UPS Breaks Revenue-Miss Streak After 10 Quarters, Stock Soars

Consolidated adjusted EBITDA increased 6% this quarter, and the adjusted EBITDA margin increased by 230 basis points due to the full realization of the synergy program associated with the Shaw Transaction and ongoing cost efficiencies.

As of September 30, the firm had C$4.8 billion of available liquidity, consisting of C$0.8 billion in cash and equivalents and C$4 billion available under bank and other credit facilities.

The company declared a C$0.50 per share dividend on October 23.

Outlook Reiterated: Total service revenue is expected to grow by 8% to 10%, while adjusted EBITDA is projected to increase by 12% to 15%.

After the quarter ended, Rogers signed a non-binding term sheet with a prominent global financial investor for a structured equity investment of C$7 billion to finance part of its network. The completion of this agreement depends on finalizing definitive contracts and is anticipated to close in the fourth quarter.

Price Action: RCI shares are trading lower by 3.59% to $37.82 at last check Thursday.

Read Next:

Southwest Airlines Beats Q3 Street Expectations, Secures Agreement With Elliott Management-Driven Board Overhaul