Rogers profit jumps as company adds 60,000 wireless customers


Rogers Communications Inc. reported a nearly 28 per cent jump in net income for its first quarter, a day before new CEO Joe Natale formally takes the helm of the company.

The telecommunications giant said Tuesday it had $294 million of net income for the period ended March 31, up from $230 million in the same quarter last year.

The company attributed that rise in part to success in its wireless business where it added 60,000 new customers, an increase of 46,000 since the same quarter in 2016.

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Revenue at the Toronto-based company was $3.338 billion, up from $3.245 billion. The net income was equal to 57 cents per share, up from 45 cents per share.

Rogers (TSX:RCI.B) said adjusted earnings were 64 cents per share, above analyst estimates of 57 cents, according to Thomson Reuters.

The earnings report comes one day before the company’s annual general meeting of shareholders in Toronto, where Natale is also expected to be appointed to the company’s board of directors.

Natale comes from competitor Telus (TSX:T) to replace Guy Laurence, who left the company last October.

Natale was expected to begin his new position in July due to a non-compete agreement, but Rogers and Telus reached a confidential agreement to allow for an earlier start date.

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