Rogers Communications (NYSE: RCI) reported Q1 EPS of $0.71, $0.11 better than the analyst estimate of $0.60.

• World-leading networks and a strong balance sheet position Rogers Communications well to help Canadians manage through COVID-19• Network traffic up over 50% as businesses and consumers shift to work, learn, and socialize from home
• Free cash flow of $462 million, up 14%, with solid liquidity position of $3.8 billion
• Grew Wireless adjusted EBITDA by 1% and margin by 300 basis points despite 2% service revenue decrease• Suspended roaming and long distance fees for consumers• Postpaid subscribers down as we closed retail locations and reduced promotional activity to protect employees and discourage customer trips to stores• Monthly postpaid churn of 0.93%
• Media results reflect the suspension of all live professional sports broadcasting
• Solid Cable results and strong network performance• Suspended all overage fees for home Internet customers• Added 17,000 Internet nets and 2,000 net new customer relationships• Grew adjusted EBITDA by 2%, revenue in line with 2019
• Paid $253 million in dividends to shareholders and declared a quarterly dividend of $0.50 per share
• Withdrawing 2020 financial guidance given uncertainty associated with the impacts of COVID-19; continued strong free cash flow remains a priority in 2020

"During this critical time, we are focused on keeping our teams and customers safe, and Canadians connected to what matters most in their lives. We began to see the impact of COVID-19 in the final few weeks of Q1 and have quickly adapted our operations to continue delivering critical services to meet the evolving needs of our customers," said Joe Natale, President and CEO. "Our strong balance sheet positions us well to manage through this crisis. Our networks are seeing unprecedented levels of activity and demand. They continue to provide a resilient foundation for our customers now, and into the future, as our nation recovers and rebuilds."

Financial guidance

Due to the uncertainty surrounding the duration and potential outcomes of the COVID-19 pandemic, we are unable at this time to predict the overall impact on our operations and financial results, but the impact may be material. As a result, it is not possible at this time to reliably estimate the impact of the pandemic on our financial results for the remainder of the year. We are therefore withdrawing the financial guidance we originally issued on January 22, 2020 until such a time as we can make a reliable estimate of our total service revenue, adjusted EBITDA, capital expenditures, and free cash flow for the year. Although we expect COVID-19 to adversely impact total service revenue and adjusted EBITDA in the short-term, strong free cash flow remains a priority for us this year.

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