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(Bloomberg) — Rogers Communications Inc. beat analysts’ estimates in the second quarter, posting higher sales in its wireless and media divisions, and raised its 2025 revenue outlook after buying control of Toronto’s basketball and hockey teams.
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Canada’s largest mobile phone company earned C$1.14 per share on an adjusted basis in the second quarter, more than the C$1.10 expected by analysts in a Bloomberg survey.
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The firm now expects its total revenue to grow between 3% to 5% this year, up from previous guidance that saw a 0% to 3% gain. Rogers increased its stake in Maple Leaf Sports & Entertainment to a controlling interest by buying out longtime partner BCE Inc. MLSE owns the Toronto Maple Leafs hockey club and Toronto Raptors basketball franchise, among other teams.
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The company didn’t change its outlook for adjusted earnings before interest, taxes, depreciation and amortization. It still expects 0% to 3% growth on that metric this year.
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Rogers’ wireless unit, its largest business, added 35,000 postpaid mobile subscribers during the quarter. The industry has been slowing partly because of new government limits on immigration intended to curb population growth.
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Media sales were up 10% to C$808 million ($595 million), partly because of good results from the National Hockey League playoffs, for which Rogers has the Canadian broadcast rights. The telecom’s cable division, which was bolstered through its Shaw Communications Inc. acquisition in 2023, saw essentially no growth in revenue.
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Rogers shares have rebounded from the lows of April to close at C$46.44 on Tuesday. Investors have become more positive on the stock after Rogers completed a C$6.7 billion sale to Blackstone Inc. and other investors of a 49.9% stake in part of its wireless network.
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The wireless industry is also benefiting from raising service prices, TD Cowen analyst Vince Valentini said in a June 24 note.
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