Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Rogers Profit Dips Following Shaw Deal

Published 2023-07-26, 11:07 a/m
Updated 2023-07-26, 11:07 a/m
© Reuters

By Ketki Saxena -- Rogers Communications Inc (TSX:RCIa). reported its second-quarter profits at $109 million - a 73% decrease from last year's same period, and following the closing of its acquisition deal with Shaw Communications Inc (TSXV:SJRa).

Last year during the same quarter, Rogers saw a net income of $409 million. 

Profits came in at 20 cents per share in diluted earnings for the period ending June 30th; down from 76 cents per share in the previous second quarter.

In contrast to declining profits, Rogers' adjusted net income saw an increase by 17%,  up to $544 million from $463 million in the prior-year period.

Adjusted diluted earnings per share rose from 86 cents to $1.02 per share.

The company also reported revenue growth. Revenue grew 30% to $5 billion, compared with $3.9 billion in the second quarter last year.

Rogers attributes their drop in net income and diluted earnings per share largely due to approximately $500 million related to depreciation and amortization costs stemming from assets acquired through their merger with Shaw – a deal worth about $26 billion that was finalized back in April.

Latest comments

Trash company. Glad they lost some.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.