Rogers Communications (TSX:RCI.B) is a Toronto-based communications and media company that operates in North America. Shares of this top telecom stock have dropped 3.7% month-over-month as of close on Monday, June 26. The stock is now down 8% so far in 2023.
Investors can expect to see Rogers’ second quarter fiscal 2023 earnings before markets open on July 26. This top telecom company released its first quarter fiscal 2023 earnings on April 26. Rogers reported postpaid mobile phone net additions of 95,000, which was up 44% compared to the previous year. Meanwhile, total service revenue increased 4% compared to the previous year to $3.31 billion.
Total revenue increased 6% year-over-year to $3.83 billion. EBITDA stands for earnings before interest, taxes, depreciation, and amortization (EBITDA). In Q1 2023, Rogers posted adjusted EBITDA growth of 7% to $1.65 billion. Moreover, adjusted net income jumped 20% to $553 million while adjusted diluted earnings per share (EPS) also climbed 20% to $1.09.
Back in April, Rogers finally completed its acquisition of Shaw Cable. This will provide a huge influx of infrastructure, technology, customers, businesses, and public-sector entities in several Canadian provinces. In the wake of the acquisition, Rogers now expects to deliver total service revenue growth between 26% to 30% for the full year in fiscal 2023. Meanwhile, it is forecasting adjusted EBITDA growth between 31% and 35%.
Shares of this top telecom stock currently possess a favourable price-to-earnings ratio of 16. This stock offers a quarterly dividend of $0.50 at the time of this writing. That represents a 3.4% yield.
