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Rogers Communications reports first-quarter profit of $392 million, raises guidance

TORONTO — Rogers Communications Inc. said first-quarter profit of $392 million, down from $361 million a year earlier, and raised its full-year guidance.

The cable, wireless and media company said net income was 77 cents per diluted share for the quarter ended March 31, compared with 70 cents per diluted share in the first three months of 2021.

Revenue totaled $3.62 billion, up from $3.49 billion a year earlier.

On an adjusted basis, Rogers said it earned 91 cents per diluted share for the quarter, up from adjusted earnings of 77 cents per diluted share a year earlier.

In its outlook, Rogers raised its forecast for total services revenue growth in 2022. The company said it now expects growth of 6-8% this year, up from an earlier forecast of growth of between 4 and 6%.

The company also raised its expectations for adjusted earnings before interest, taxes, depreciation and amortization. They are now expected to rise 8-10% from earlier forecasts of 6-8% growth.

This report from The Canadian Press was first published on April 20, 2022.

Companies in this story: (TSX: RCI.B)

The Canadian Press