- Rogers Communications (RCI.A) reported strong results across its business activities for the third quarter of 2021
- The company saw stable revenue, higher cash flow, and $6.4 billion available liquidity by the end of the third quarter
- More Rogers internet customers moved to higher tiers of Ignite Internet offerings, driven by promotions and service pricing changes late in 2020
- The company also reported several operational highlights for the third quarter
- Rogers is the largest wireless service provider in Canada
- Rogers Communications Inc. (RCI.A) is currently down 1.91 per cent, trading at $61.15 per share
Rogers Communications (RCI.A) reported strong results across its business activities for the third quarter of 2021.
The company saw stable revenue this quarter, the result of service growth in its wireless and cable businesses and offset by lower media revenue.
More Rogers internet customers moved to higher tiers of Ignite Internet offerings, driven by promotions and service pricing changes late in 2020.
Media revenue decreased by 3 per cent this quarter compared to last year, primarily as a result of the NHL and NBA completing their seasons late in the third quarter last year due to COVID-19.
This quarter, Rogers generated cash flow from operating activities of $1.319 billion, up 34 per cent year-over-year. As of September 30, the company had $6.4 billion of available liquidity.
In addition to these strong financial results, Rogers also reported several operational highlights for the third quarter, including:
- Partnering with Disney to exclusively offer six months of Disney+ with select Rogers Infinite Plans, and up to 12 months with select Ignite TV plans;
- Expanding its 5G network to now reach over 850 communities across Canada;
- Launching a new Internet of Things Smart Buildings solution that includes water leak detection for businesses;
- Continuing to support socially and environmentally responsible initiatives across the country; and
- Announcing the acquisition of Shaw Communications, expected to close in the first half of 2022.
Joe Natale, President and CEO of Rogers, commented on the results.
“Each of our businesses is benefitting from the ongoing opening of the economy, and we expect to maintain this momentum as we finish the year,” said Mr. Natale.
“As we come together with Shaw,” he added, “we will build on this foundation to bring next-generation connectivity to communities across Western Canada, helping to create jobs, attract investment, and increase economic growth.”
Rogers is the largest wireless service provider in Canada, with its more than 10 million subscribers equating to one-third of the total Canadian market.
Rogers Communications Inc. (RCI.A) is currently down 1.91 per cent, trading at $61.15 per share as of 12:58 pm ET.