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(Bloomberg) — Rogers Communications Inc. beat analysts’ estimates in the third quarter, lifted by growth in wireless and media after the company completed a major sports deal and saw the Toronto Blue Jays make a run to the baseball playoffs.
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Canada’s biggest mobile phone company earned C$1.37 per share on an adjusted basis, more than the C$1.24 per share expected by analysts in a Bloomberg survey.
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Rogers also raised its free cash flow guidance for the year, now expecting it to fall in a range of C$3.2 billion to C$3.3 billion, up from C$3.0 billion to C$3.2 billion.
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Media revenue grew 26% to C$753 million ($538 million), largely because of an acquisition. Rogers doubled its stake in Maple Leaf Sports & Entertainment to 75% over the summer, giving it control of the Toronto Raptors basketball club and the Toronto Maple Leafs hockey team, as well as concert venues and other assets.
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The company also owns the Blue Jays, Major League Baseball’s only team in Canada, and revenue was buoyed by the club’s strong season. This week, it won the American League pennant to make the World Series for the first time since 1993.
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Rogers’ wireless unit, its largest business, added 62,000 postpaid mobile subscribers during the quarter. The company said it’s been able to reduce wireless churn, or customers jumping to a competitor’s service. The Canadian wireless industry has been grappling with a smaller pool of potential new customers as the federal government’s limits on immigration slow population growth.
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The cable division increased its revenue by 1%.
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