Rogers CEO says Shaw integration ahead of schedule in earnings report

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Telecom’s second-quarter results fall shy of analyst expectations despite strong gain in wireless customers

is ahead of schedule, the company said Wednesday as it reported second-quarter results that fell shy of analyst expectations despite a strong gain in wireless subscribers.

After adjusting for some of that depreciation and amortization as well as other items, the company had $544-million of profit, up from $463-million. The adjusted earnings amounted to $1.02 per share, up from 86 cents per share. TD Securities analyst Vince Valentini called the growth of the wireless division “very strong, with record-breaking and better-than expected postpaid adds.”Rogers is now projecting an adjusted EBITDA increase of 33 to 36 per cent for 2023, versus its previous guidance of a 31 to 35 per cent increase. Its free cash flow for 2023 is expected to be in the range of $2.2-billion to $2.5-billion, up from its previous guidance of $2-billion to $2.2-billion.

“Overall, in these first 15 weeks we are tracking ahead of our integration targets, and we continue to be impressed with the quality and commitment of the Shaw team,” Rogers chief executive Tony Staffieri told analysts during a conference call.that erupted between some of the telecoms in the wake of the acquisition have yet to show up in financial results.

 

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