Business

Canada’s Rogers profit, revenue beat on wireless recovery

Published

3 years ago

January 27, 2022

Rogers Communications Inc surpassed quarterly revenue and profit expectations on Thursday as the Canadian telecom giant saw a recovery in its wireless business and ad sales, helped by less stringent COVID-19 restrictions.

The results come after a months-long battle for control of Canada’s biggest wireless carrier that saw Chairman Edward Rogers oust CEO Joe Natale and appoint his confidante Tony Staffieri to the role.

The company’s wireless service revenue rose 6% in the last three months of 2021 on the back of an increase in subscribers who pay a monthly phone bill and a jump in roaming revenue as travel restrictions were eased. The Toronto-based company added 141,000 monthly paying subscribers in the quarter.

The Toronto Blue Jays owner’s media business rebounded and was up 26% in the quarter from a year earlier as the return of live sports to TV bolstered its ad sales.

Rogers said it expected total service revenue growth of 4% to 6% in 2022, the midpoint of which implies a total revenue of $13.16 billion. The company had refrained from issuing any guidance over the last few quarters due to uncertainty from the COVID-19 pandemic.

“This is a critical year for Rogers and the changes we are making to drive a renewed focus on execution,” newly appointed CEO Tony Staffieri said.

The boardroom tussle had weighed on Rogers shares and raised questions over whether it would impact a proposed C$20 billion ($16.1 billion) deal for rival Shaw Communications, which the company still expects will close in the first half of 2022.

Total revenue was C$3.92 billion ($3.09 billion) in the fourth quarter, compared with the average analyst estimate of C$3.86 billion, according to Refinitiv IBES data.

Excluding items, the company earned 96 Canadian cents per share, beating estimates of 95 Canadian cents.

U.S.-listed shares of Rogers rose 1.8% in early trade.

($1 = 1.2704 Canadian dollars)

(Corrects syntax in headline)

(Reporting by Richard Rohan Francis and Chavi Mehta in Bengaluru; Editing by Aditya Soni and Krishna Chandra Eluri)

Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

4 hours ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

4 hours ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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Business

Thomson Reuters reports Q3 profit down from year ago as revenue rises

Published

4 hours ago

November 5, 2024

Anne Joseph

TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:TRI)

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