Rogers Communication, Inc. (NYSE:RCI) reported second-quarter revenues of C$5.093 billion, missing the consensus of C$5.105 billion.

Consolidated adjusted EBITDA increased by 6% this quarter, and the adjusted EBITDA margin increased by 230 basis points.

Rogers’ combined mobile phone and internet net additions totaled 188,000 in the second quarter and 275,000 for the year to date.

The company’s quarterly postpaid mobile phone net additions were 112,000, prepaid net additions were 50,000, and retail Internet net additions were 26,000.

Rogers said it has added 1.7 million mobile phone and Internet net additions over the past ten quarters.

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As of June 30, the firm had C$4.3 billion of available liquidity, consisting of C$0.45 billion in cash and cash equivalents and C$3.85 billion available under bank and other credit facilities.

Wireless service revenue increased by 4% this quarter, primarily as a result of the cumulative impact of growth in its mobile phone subscriber base over the past year.

Wireless equipment revenue decreased by 5%, primarily as a result of fewer device upgrades by existing customers.

Total Cable revenue and Cable service revenue decreased by 2% and 3%, respectively, this quarter as a result of continued competitive promotional activity and declines in Home Phone and Satellite subscriber bases. Media revenue increased by 7% this quarter.

The company reported adjusted earnings per share of C$1.16, in line with the street view.

Rogers declared a dividend of C$0.50 per share. The declared quarterly dividend will be paid on October 3, 2024, to shareholders of record on September 9, 2024.

Outlook: Rogers reaffirmed the 2024 outlook. The company sees total service revenue growth of 8% to 10%, adjusted EBITDA growth of 12% to 15%, capital expenditures of C$3.8 billion to C$4.0 billion, and free cash flow of C$2.9 billion to C$3.1 billion.

Price Action: RCI shares are trading lower by 0.25% to $37.49 at last check Wednesday.

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