By Adriano Marchese
Shares in Canadian telecom company Rogers Communications Inc. rose in mid-morning trading on Wednesday after the company reported better-than-expected earnings growth in the first quarter and raised its full-year guidance.
At 10:52 a.m. ET, its shares were up 4.4% at C$77.05, after reaching a 52-week high of C$80.85 earlier in the morning.
Rogers per-share earnings rose to 77 Canadian cents (61 U.S. cents) from C$0.70 in the first quarter of the previous year, while adjusted earnings were C$0.91 a share.
According to FactSet, analysts were expecting C$0.83 a share.
The company said that service revenue growth is now expected to be between 6% and 8% for the year, up from a previous forecast of between 4% and 6%, while 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 earlier C$1.8 billion to C$2 billion guidance, it said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
04-20-22 1115ET