Rogers Communication Clocks 6% Revenue Spike In Q1 Backed By Postpaid Subscriptions - Rogers Communications (NYSE:RCI)

Rogers Communication, Inc RCI reported first-quarter FY23 revenue growth of 6% year-on-year to CA$3.84 billion. Total service revenue grew 4% Y/Y to CA$3.31 billion.
Rogers attracted 95,000 net postpaid mobile phone subscribers, up from 66,000 last year, with a churn of 0.79%.
Wireless service revenue increased by 7% Y/Y, mainly due to higher roaming revenue.
Cable service revenue fell 2% Y/Y due to increased competitive promotional activity.
Media revenue increased by 5% Y/Y due to higher advertising revenue.
Adjusted EPS of CA$1.09 improved by 20% from CA$0.91 last year.
Margin: Adjusted EBITDA margin expanded 60 bps to 43.1%, primarily due to Wireless and Media adjusted EBITDA growth.
Rogers generated CA$370 million in free cash flow, down 28%. It held CA$0.6 billion in cash and equivalents.
FY23 Outlook: On Mar. 31, 2023, the company updated its guidance ranges for full-year 2023 financial metrics originally provided on Feb. 2, 2023, to incorporate the impact of the Shaw Transaction.
The Toronto-based leading wireless, cable, and media company expects a service revenue growth of 26% -30% and Adjusted EBITDA growth of 31% - 35%.
Dividend: Rogers Communication declared a quarterly dividend of 50 cents per share on each of its outstanding Class B Non-Voting and Class A Voting shares. The dividend will be paid on Jul. 5, 2023, to shareholders of record on Jun. 9, 2023.
Price Action: RCI shares are trading higher by 4.14% at $49.33 on the last check Wednesday.