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UPDATE 3-Canada's Rogers tops first-quarter subscriber additions estimate
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UPDATE 3-Canada's Rogers tops first-quarter subscriber additions estimate

Adds details in paragraphs 8,9

- Canada's Rogers Communications RCIb.TO topped Wall Street estimates for first-quarter wireless subscriber additions on Wednesday, with rapid growth in the country's immigrant population boosting demand for its services.

The company added 98,000 monthly bill-paying wireless phone subscribers in the quarter ended March 31, compared with analysts' average expectation for additions of 77,530, according to 10 analysts polled by Visible Alpha.

In Canada, rising population driven by temporary foreign workers and immigrants has sparked demand for companies such as Rogers Communications, even as it faces fierce competition from BCE BCE.TO and Telus Corp T.TO.

Canada's population touched a record high of 40.77 million in 2023, Statistics Canada said in March. The country added 1.27 million people in 2023, up 3.2% from the previous year - marking the highest growth since 1957.

Toronto, Ontario-based Rogers, which acquired Shaw Communications in April last year, has also benefited from cost-conscious customers turning to its bundled and discounted plans with a promise of expansive coverage.

In the reported quarter, free cash flow, a metric closely watched by investors to help determine dividend payouts, rose 58% from a year earlier to C$586 million ($428.27 million).

The company's total revenue rose about 28% to C$4.90 billion, compared with analysts average estimate of C$4.92 billion, according to LSEG data.

Its adjusted profit was C$0.99 per share, in line with estimates.

Media revenue at the Toronto Blue Jays owner fell 5% to C$479 million, while the wireless segment revenue increased 8% from a year earlier to C$2.53 billion.




($1 = 1.3683 Canadian dollars)


(Reporting by Jaspreet Singh in Bengaluru; Editing by Tasim Zahid and Krishna Chandra Eluri)

((Jaspreet.Singh@thomsonreuters.com; https://twitter.com/i_jass;))

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