Canada's Rogers raises annual profit, free cash flow forecasts (updated)

Ryder System

26/07/2023 12:26

(Rewrites throughout to lead with forecast)
       July 26 (Reuters) - Rogers Communications  RCIb.TO 
 RCI.N  raised its annual core earnings and free cash flow
forecasts on Wednesday, betting on  strong demand for its
wireless services.
    An expanding 5G network and plan bundles have helped Rogers
attract cost-conscious consumers in a highly competitive market
that includes players such as BCE  BCE.TO  and Telus  T.TO .
    Rogers said it now expects growth in adjusted core earnings
to be between 33% and 36% in 2023, compared with its prior
forecast of 31% to 35%.
    The telecom giant raised its 2023 free cash flow outlook to
between $2.2 billion and $2.5 billion, compared with the
company's previous forecast of $2.0 billion to $2.2 billion.
    In the second quarter, Rogers' revenue grew 30% from a year
earlier to C$5.05 billion ($3.82 billion) but fell short of
analysts' average estimate of C$5.07 billion, according to
Refinitiv data.
    The company's wireless revenue grew 10% to C$2.42 billion.
Its media revenue grew 4% to C$686 million compared with C$659
million a year earlier.          

($1 = 1.3208 Canadian dollars)

 (Reporting by Jaspreet Singh in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Jaspreet.Singh@thomsonreuters.com; @i_jass on Twitter;))