Rogers ahead of pace in cutting costs following Shaw merger

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TORONTO — The chief executive of Rogers Communications Inc said the company is well ahead of schedule in its plans to cut costs around half a year into its $26-billion merger with Shaw.

Rogers, which closed its takeover of Shaw in early April after receiving final regulatory approval from Ottawa, has sought to cut duplication costs as the companies integrate with one another.

That builds on its savings of $48 million in the second quarter, bringing the year-to-date total to $188 million heading into the final three months of 2023."We now expect over $360 million in synergies to be realized in calendar 2023, which is 80 per cent higher than previously guided," said Brandt.The company began offering voluntary departure packages to some employees in July as it worked to integrate with Shaw.

"We are leaning in on those," said Brandt."I expect that those will come to plan, at least on pace, if not also being maybe a little bit ahead." On an adjusted basis, Rogers said it earned $1.27 per diluted share in its most recent quarter, up from an adjusted profit of 84 cents per diluted share a year earlier.

 

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