Rogers adds fewer-than-expected subscribers, reiterates focus on reducing debt
Adds share movement in paragraph 3, revenue and EPS in paragraphs 6 & 7; background on equity-financing deal in paragraphs 8 & 9; details from analyst call in 10 & 11
Jan 30 (Reuters) - Canada's Rogers Communications RCIb.TO added fewer-than-expected wireless subscriptions in the fourth quarter, the company said on Thursday, amid an intense pricing war between rivals and lower immigrations.
The company added 69,000 monthly bill-paying wireless phone subscribers during the quarter, compared with estimates of 72,380, according to analysts polled by Visible Alpha.
The U.S.-listed shares of Rogers were down 1.3% in early trade.
Amid intense competition in Canada's wireless industry, BCE BCE.TO and Telus T.TO lowered prices for wireless and wireline broadband to put pressure on Rogers and Quebecor QBRb.TO, which has led to a price war.
Canada is also undergoing a notable shift in policy, welcoming less immigrants and international students in the country than it historically has. This has impacted demand, as carriers have relied on newcomers to expand its customer base.
Rogers reported an adjusted profit of C$1.46 per share for the fourth quarter, beating analysts' estimates of C$1.36 per share, according to data compiled by LSEG.
Its revenue stood at C$5.48 billion, while analysts were expecting C$5.4 billion.
In October, Rogers entered into a C$7 billion ($4.86 billion) equity-financing deal with an unnamed investor — believed to be Blackstone — to sell a minority stake in some of the infrastructure it owns.
A difficult operating environment and strained balance sheet made Rogers mull selling a part of its infrastructure to reduce its C$38.2 billion($26.51 billion)long-term debt, as of Dec. 31.
Rogers missed its deadline of closing the deal by the end of the fourth-quarter. CFO Glenn Brandt said in an analyst call that the deal is complex, progress has been made and they have "work to do."
Neither he or CEO Tony Staffieri provided a new deadline for the deal closure, but Brandt said Rogers has "many options" available to reduce debt.
($1 = 1.4412 Canadian dollars)
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