By Adriano Marchese


Rogers Communications Inc. on Wednesday reported a rise in profit in the first quarter, beating analyst expectations, and raised guidance for the year amid better execution and economic growth.

The Canadian communications and media company said per-share earnings were 77 Canadian cents (61 U.S. cents), compared with C$0.70 in the first quarter of the previous year.

Net income was C$391 million, compared with C$361 million a year ago.

Adjusted earnings rose to C$0.91 a share. According to FactSet, analysts were expecting C$0.83 a share.

Revenue rose to C$3.62 billion from C$3.49 billion, in line with analyst expectations of C$3.63 billion. The company's three segments, wireless, cable, media, delivered 3%, 2% and 10% growth, respectively.

The company said its acquisition of Shaw Communications Inc. continues to be reviewed by the Competition Bureau and Innovation, Science and Economic Development Canada, with the deal expected to close in the second quarter.

Excluding any contribution from the Shaw acquisition, the company upgraded its full-year guidance. Service revenue growth is expected to be between 6% and 8%, up from a previous guidance of between 4% and 6%.

Adjusted earnings before interest, taxes, depreciation, and amortization is expected to grow 8% to 10%, up from its prior guidance of 6% to 8%.

Free cash flow is expected at C$1.9 billion to C$2.1 billion, up from C$1.8 billion to C$2 billion.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

04-20-22 0742ET