07:44 AM EDT, 07/24/2024 (MT Newswires) -- Canadian Telco giant Rogers Communications was up 2.7% in US premarket trade on Wednesday as it reported an adjusted earnings beat but revenues miss for the second quarter, while it reaffirmed its 2024 outlook.

Rogers reported Q2 Adjusted EPS of $1.16 versus $1.02 a year earlier, and beating a forecast from Capital IQ of $1.14.

It also reported total revenues for Q2 of $5,093 million compared to $5,046 million a year ago, but missing a Capital IQ forecast of $5,110.87 million.

Among highlights, wireless service revenue was up 4% and adjusted EBITDA was up 6%. It had margin of 65% and blended ARPU was up 1%. Meanwhile, cable revenue was down 2%; adjusted EBITDA was up 9%; and it had a margin of 57%. Rogers said leverage was steady at 4.7 despite Q2 investment in Canada of $1 billion in capital expenditures and $475 million payment for spectrum licences to federal government in the first half ($380 million in Q2). It is targeting 4.2 leverage by year-end.

Of other highlights, Rogers' combined mobile phone and Internet net additions were 188,000 in Q2 and 275,000 for the year to date; it had Q2 postpaid mobile phone net additions of 112,000; prepaid net additions of 50,000; and retail Internet net additions of 26,000.

According to Rogers, it has added industry-best 1.7 million mobile phone and Internet net additions over the past 10 quarters.

It announced a quarterly dividend of total $0.50 per share.

The company reaffirms a 2024 outlook of total service revenue growth of 8% to 10%; and an adjusted EBITDA growth of 12% to 15%; capital expenditures of $3.8 billion to $4 billion; and free Cash Flow of $2.9 billion to $3.1 billion.