TORONTO — Rogers Communications Inc. raised its dividend for the first time since 2015 as it reported a better-than-expected fourth-quarter profit.
The cable and wireless company will now pay a quarterly dividend of 50 cents per share, up from its previous payment to shareholders of 48 cents per share.
The increased dividend came as Rogers said it earned $502 million or 97 cents per diluted share for the quarter ended Dec. 31. That compared with a profit of $499 million or 97 cents per share in the same period a year earlier.
Revenue totalled $3.94 billion, up from $3.73 billion.
On an adjusted basis, Roger said it earned $585 million or $1.13 per diluted share for its most recent quarter, up from an adjusted profit of $525 million or $1.02 per diluted share a year earlier.
Analysts on average expected adjusted earnings of $1.08 cents per share, according to Thomson Reuters Eikon. Revenue was anticipated to come in at nearly $3.88 billion for the quarter ended Dec. 31.
The company’s revenue growth was primarily driven by its wireless operations, which added 112,000 net subscribers during the quarter.
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The Canadian Press