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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

Investing.com -- 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.
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