Rogers Communications quarterly profit misses estimates

FILE PHOTO: Rogers Communications logos are seen above a booth during the media day at the Canadian International AutoShow in Toronto, Ontario, Canada, February 14, 2019. REUTERS/Chris Helgren

(Reuters) - Rogers Communications Inc on Thursday reported a quarterly profit that missed estimates on lower revenue from its media business.

Total media revenue fell 12 percent to C$468 million. The year-ago quarter had recorded a distribution from Major League Baseball to the Toronto Blue Jays.

Excluding the impact, media revenue would have been stable year-on-year, the company said.

Wireless revenue declined marginally during the quarter.

Excluding one-time items, Rogers earned 78 Canadian cents per share during the first quarter, while analysts on an average had estimated a profit of 94 Canadian cents, according to IBES data from Refinitiv.

The Toronto-based company’s net income fell to C$391 million ($292.45 million), or 76 Canadian cents per share, in the first quarter ended March 31, from C$425 million, or 80 Canadian cents per share, a year earlier.

Total quarterly revenue fell to C$3.59 billion from C$3.63 billion.

Reporting by Shradha Singh in Bengaluru; Editing by Shailesh Kuber