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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Rogers Communications Inc.    RCI.B   CA7751092007

ROGERS COMMUNICATIONS INC.

(RCI.B)
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Delayed Quote. Delayed Toronto Stock Exchange - 10/21 04:00:00 pm
66.25 CAD   +1.49%
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Rogers Communications : sheds customers but beats expectations

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01/29/2015 | 10:21am EDT
A Rogers sign is seen at its headquarters following the Rogers Communications Inc AGM in Toronto

TORONTO (Reuters) - Rogers Communications Inc, Canada's largest mobile provider, lost a large number of wireless and cable-TV customers in the fourth quarter but its focus on "value over volume" allowed it to beat lowered earnings expectations.

Chief Executive Guy Laurence said on Thursday the Toronto-based company stepped up its shift away from promotions to win or keep customers. As a result, Rogers lost 58,000 net postpaid wireless subscribers and 36,000 cable subscribers.

Laurence, who joined the company in December 2013, said that as it tacked away from promotions, Rogers launched sports, streaming-TV and wireless roaming initiatives. That has spurred customers to buy more services, increasing the average customer bill.

"We started tackling the practice of rolling forward various promotional and retention offers that portions of our existing base were put on in past years as Band-Aid solutions to more systemic issues, which we are now addressing," he told analysts.

Rogers also lost 4,000 Internet customers, and 18,000 landline phone lines.

Analysts broadly took the drop in subscribers in stride and Rogers shares rose 1 percent on Thursday.

Postpaid churn, which is the percentage of wireless contract customers leaving each month, jumped to 1.46 percent from 1.34 percent a year earlier. Postpaid customers sign long-term service contracts, spend more and are less likely to leave than those who pay upfront.

The average Rogers wireless customer, a blend of contract and prepaid subscribers, paid C$59.86 per month in the quarter, up from C$58.59 in the year-before quarter.

RBC Capital Markets analyst Drew McReynolds wrote in a note that the trade-off of declines in the number of postpaid subscribers for growth in the amount that customers pay for services "is the more prudent strategy for the company".

Rogers said net income was C$297 million ($237 million), or 62 Canadian cents a share, in the three months to Dec. 31, compared with C$320 million, or 57 cents a share, a year earlier. Revenue rose 4 percent to C$3.37 billion.

On an adjusted basis Rogers made 69 Canadian cents a share. That beat analysts' average expectation of 64 cents.

It upped its annual dividend by 5 percent.

Rogers said the launch of its National Hockey League coverage performed as anticipated, with C$100 million of revenue. Overall, its media unit's revenue jumped 20 percent.

For 2015, Rogers expects adjusted operating profit of C$5.02 billion to C$5.175 billion and free cash flow of C$1.35 billion to C$1.5 billion.

(Reporting by Alastair Sharp; Editing by Alden Bentley; and Peter Galloway)

By Alastair Sharp

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Financials (CAD)
Sales 2019 15 320 M
EBIT 2019 3 877 M
Net income 2019 2 227 M
Debt 2019 17 134 M
Yield 2019 3,06%
P/E ratio 2019 14,9x
P/E ratio 2020 13,8x
EV / Sales2019 3,30x
EV / Sales2020 3,16x
Capitalization 33 486 M
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Technical analysis trends ROGERS COMMUNICATIONS INC.
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 72,58  CAD
Last Close Price 65,28  CAD
Spread / Highest target 36,3%
Spread / Average Target 11,2%
Spread / Lowest Target -20,3%
EPS Revisions
Managers
NameTitle
Joseph M. Natale President, Chief Executive Officer & Director
Edward S. Rogers Chairman
Daniel Trudeau Manager-Outside Plant Engineering
Anthony Staffieri Chief Financial Officer
Jorge Capelas Fernandes Chief Technology & Information Officer
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