July 24 (Reuters) - Canada's Rogers Communications ( RCIAF )
beat analysts' estimates for quarterly wireless
subscriber additions on Wednesday, helped by steady demand for
its mobile plans.
The company added 112,000 monthly bill-paying wireless phone
subscribers in the second quarter, compared with estimates of
110,450, according to Visible Alpha.
Canada has been seeing a steady rise in immigration as it
welcomes more people in a bid to grow its population and boost
economy - increasing demand for Rogers' plans aimed at
newcomers.
The company's wide network coverage and 5G push have also
boosted subscriber numbers amid signs of an easing economy.
Rogers Communications ( RCIAF ) reported a net income of C$394 million
($285.80 million) in the quarter ended June 30, compared with
C$109 million a year earlier.
The company's total revenue of C$5.09 billion missed
analysts' estimates C$5.12 billion, while its adjusted earnings
per share was in line with expectations, according to LSEG data.
Rogers-owned Fido, a mobile network operator, raised prices
for its phone plans in July following in the steps of Bell's
Virgin Plus.
Competition in the Canadian telecom market has been heating
up as the three big providers - Rogers, BCE and Telus ( TU )
- battle for consumer dollars.
Rogers' free cash flow, a metric closely watched by
investors as it helps determine dividend payouts, rose around
40% to C$666 million in the second quarter, compared with
Visible Alpha estimates of C$708.7 million.
The company's media revenue rose 7% due to higher
sports-related revenue primary at the Toronto Blue Jays, which
Rogers owns.
Rogers reaffirmed its fiscal 2024 financial targets and said
its operating costs fell 3% to C$2.77 billion for the quarter.
($1 = 1.3786 Canadian dollars)