Canadian Telecommunications Giant Rogers Posts Huge First-Quarter Profits

Canadian Telecommunications Giant Rogers Posts Huge First-Quarter Profits

TORONTO- Rogers Communications on Tuesday posted a first-quarter profit up nearly 28% on the eve of official entry to the new CEO, Joe Natale.

The Canadian telecommunications giant posted a net profit of $ 294 million for the three months ended March 31, compared to $ 230 million for the same period last year.

Rogers attributed some of this growth to its wireless business, which welcomed 60,000 new consumers – an increase of 46,000 over the same period last year.

The company’s revenues were $ 3.338 billion, up from $ 3.24 billion in the first quarter of last year.

Earnings per share were 57 cents, compared to 45 cents last year.

Rogers’ adjusted earnings were 64 cents a share. This was higher than the 57 cents per share expected by analysts, according to forecasts collected by Thomson Reuters.

On Wednesday, at the Annual General Meeting of Shareholders in Toronto, Mr. Natale will officially become Chief Executive Officer and will be appointed to the company’s Board of Directors.

Mr. Natale was recruited to rival Telus to replace Guy Laurence, who left the company last October. His appointment was not due before July due to a non-compete agreement, but Rogers and Telus entered into a confidential agreement to allow for an early start.

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