Rogers Communications Q3 Profit Falls, Names Joseph Natale CEO

(RTTNews) - Rogers Communications (RCI.TO, RCI) Monday announced a 53 percent fall in third quarter net income to $220 million from $464 million last year. Earnings per share more than halved to $0.43 from $0.90 in the previous year. On an adjusted basis, earnings were $427 million or $0.83 per share.

The company said the decline in profit was due to higher investment-related expenses, primarily as a result of winding down of shomi, partially offset by higher adjusted operating profit.

On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.67 per share.

Revenue for the quarter increased 3 percent to $3.492 billion from $3.384 billion in the prior year. Wall Street was looking for $2.61 billion.

The Canadian communications and media company further confirmed its revenue guidance.

In a separate announcement, the company said its Chief Executive Officer Gyy Laurence will step down immediately and Joseph Natale will replace him. Natale was most recently with Telus Corp. as president and CEO.

For the interim period, chairman Alan Horn will serve as president & CEO