Rogers revenue beats forecast, Shaw deal set to close in first half

Rogers Communications Inc. saw fourth-quarter revenue rise 6% to $3.92 billion, but reported less profit than a year ago.

The telecommunications and media giant reported net income of $405 million for the three months ended Dec. 31, up from $449 million a year ago. Earnings were 80 cents per share, compared to 89 cents per share in the same period last year.

Revenue growth was driven by the addition of wireless subscribers as well as an increase in roaming revenue as travel restrictions related to the COVID-19 pandemic were eased. The media division also saw higher revenue compared to the fourth quarter of 2020, when the NHL and NBA postponed the start of their seasons.

Analysts were expecting revenue of $3.85 billion, according to the consensus estimate from S&P Capital IQ.

The company said its $26 billion takeover of Shaw Communications Inc. was close to closing in the first half of the year.

“We delivered strong results in the fourth quarter, driven by accelerating revenue growth and strong net subscriber additions in our wireless business,” said Tony Staffieri, president and chief executive officer, in a statement.

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Sallie R. Loera