Rogers earns less profit despite higher revenue

Rogers posted lower profit on Thursday even as overall revenues increased. (Graham Hughes/Canadian Press)

Rogers Communications Inc. reports it had $332 million of net income and $405 million of adjusted profit in the third quarter — missing analyst estimates.

The adjusted profit amounted to 78 cents per share — down from 97 cents per share a year earlier and six cents below analyst estimates.

The Toronto-based company's revenue was $3.25 billion, up slightly from $3.22 billion in the third quarter of 2013, and within estimates.

In the same quarter of 2013, Rogers had $464 million of net income under standard accounting and $501 million of adjusted net income.

Rogers chief executive Guy Laurence says it will take time to fully realize a multi-year plan for improving performance but the third quarter results are where the company expected them to be.

"During the third quarter, we completed the customer-centric structural reorganization we announced in May under Rogers 3.0 and are now up and running," Laurence said in a statement.

The company — which has a national wireless network, regional cable operations in Ontario and Atlantic Canada, and major media operations — is reaffirming its guidance for 2014 but says its adjusted operating profit and free cash flow will likely be at the lower end of the range.

Analysts expected adjusted earnings of 88 cents per share, according to data compiled by Thomson Reuters. Revenue was anticipated to come in at $3.25 billion.

Rogers has been focused on improving results from its operations under Laurence, who joined the company last December.

The former CEO of Vodafone UK is moving forward with a plan designed to inject changes into the company, which included stripping out some middle management positions and improving customer service.

Rogers has been losing market share to long-time rivals BCE Bell and Telus despite having Canada's largest base of mobile phone subscribers.

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