Financial Performance - Rogers Communications reported first-quarter 2025 adjusted earnings of 69 cents per share, missing the Zacks Consensus Estimate by 2.82% and remaining flat year over year [1] - Revenues totaled $3.47 billion, missing the consensus mark by 1.19% and decreasing 4.6% year over year [1] - In Canadian dollars, adjusted earnings were C$0.99 per share, remaining flat year over year, while total revenues increased 1.5% year over year to C$4.98 billion [2] Wireless Segment - Wireless revenues, accounting for 51.1% of total revenues, increased 0.6% year over year to C$2.54 billion, with service revenues rising 1.5% to C$2.02 billion [3] - Monthly mobile phone ARPU was C$56.94, down 1.9% year over year, while the prepaid subscriber base grew by 111K to 1.13 million [4] - The postpaid wireless subscriber base reached 10.78 million, with net additions of 293K subscribers year over year [4] Cable Segment - Cable revenues, representing 38.9% of total revenues, decreased 1.2% year over year to C$1.93 billion due to competitive promotional activity [6] - Service revenues in the cable segment fell 1.2% year over year to C$1.92 billion, while equipment revenues decreased 8.3% to C$11 million [6] - The retail Internet subscriber count increased by 108K to nearly 4.296 million [6] Media Segment - Media revenues increased 24.4% year over year to C$596 million, driven by higher sports-related revenues and advertising revenues [9] - Segment operating expenses rose 13.9% year over year to C$663 million, resulting in a negative adjusted EBITDA of C$67 million [10] Consolidated Results - Operating costs increased 1.3% to C$2.72 billion, while adjusted EBITDA rose 1.8% year over year to C$2.25 billion [11] - Adjusted EBITDA margin expanded 10 basis points to 45.3% [11] Balance Sheet & Cash Flow - As of March 31, 2025, available liquidity was C$7.5 billion, including C$2.7 billion in cash and cash equivalents [12] - The debt leverage ratio was 4.3 times, with cash flow from operating activities at C$1.29 billion [13] - Free cash flow was C$586 million, down from C$878 million in the previous quarter [13] Dividends & Guidance - The company paid dividends worth C$269 million and declared a C$0.50 per share dividend [14] - For 2025, Rogers Communications expects total service revenues and adjusted EBITDA to grow in the range of 0-3% [15]

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Rogers Corp. due to lower revenues, with a focus on how actual results compare to estimates impacting stock price [1][2]. Earnings Expectations - Rogers Corp. is expected to report quarterly earnings of $0.24 per share, reflecting a year-over-year decrease of 58.6% [3]. - Revenue projections stand at $185.75 million, indicating a 13% decline from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised 6.06% higher in the last 30 days, suggesting a reassessment by analysts [4]. - The Most Accurate Estimate is lower than the Zacks Consensus Estimate, leading to an Earnings ESP of -4.17%, indicating a bearish outlook [10][11]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive reading is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank of 1, 2, or 3 [8]. - Stocks with a positive Earnings ESP and a solid Zacks Rank have historically produced a positive surprise nearly 70% of the time [8]. Historical Performance - In the last reported quarter, Rogers Corp. exceeded earnings expectations, posting $0.46 per share against an expectation of $0.45, resulting in a surprise of +2.22% [12]. - Over the past four quarters, the company has consistently beaten consensus EPS estimates [13]. Conclusion - Despite the potential for an earnings beat, other factors may influence stock movement, and the current indicators suggest Rogers Corp. may not be a compelling candidate for an earnings surprise [14][16].

Core Insights - Rogers Communications has been ranked as the most reliable 5G wireless network in Canada by umlaut, reinforcing its leadership in network reliability [1][2] - The company has won umlaut's "Best in Test" wireless benchmark award for seven consecutive years, demonstrating top performance in voice, data, and reliability [2][3] - Rogers has invested over $40 billion in its networks over the last decade and plans to invest an additional $4 billion in capital investments this year [4] Company Commitment - The company is dedicated to providing Canadians with the best networks and plans, emphasizing the importance of reliability for customers [3] - Rogers' 5G network now reaches more than 2,500 communities across Canada, showcasing its commitment to expanding network coverage [4] Benchmarking and Recognition - Umlaut, a global leader in independent benchmarking, conducts extensive drive tests and uses crowdsourced data to measure network performance across over 200 mobile networks in more than 120 countries [3]

As the current market volatility spreads from equities to gold and treasury bills, now is not the time to get adventurous with stock selection. The current climate of uncertainty warrants an emphasis onI am a value-oriented investor who seeks out high-quality companies with long histories of dividend growth. I believe that patient investors who build a core portfolio of dividend paying equities can achieve their retirement goals without taking on unnecessary risk. Dividend growth profiles are the best indic ...

Core Points - The winner of Canada's Got Talent will receive a life-changing prize of $1 million, making it the largest cash prize in Canadian television history, along with an additional $50 from Howie Mandel and financial advice from CIBC [2] - Each Golden Buzzer recipient will be awarded $25,000, totaling $150,000, sponsored by CIBC to support their ambitions [2] Performances Summary - The Jambo Brothers from Nairobi, Kenya performed a stunt act - Beverly Saraza from Toronto received a standing ovation for her cover of "Bang Bang" - Strongman Tulga from Mongolia performed a dangerous stunt holding a 330-pound pole with his teeth [4] - The Martin Boys from Woodstock, NB showcased an original country song "Miracle Cure" [4] - Comedian Sai Kit Lo from Markham, ON impressed the judges with his humor [4] - Choir! Choir! Choir! from Toronto engaged the audience with a mashup of "We Will Rock You" and "Rock You" [4] - Chantaal from France delivered an entertaining drag rendition of "My Heart Will Go On" [4] - Illumin Drone Shows from Toronto presented a synchronized drone performance with 600 lights [4] - Wes-P, a viral performer from Japan, captivated the audience with a suspenseful act [4] - Carsim Birmingham from Vancouver received a Golden Buzzer for his emotional performance of "Lay Me Down" [4]

Core Insights - Rogers Communications has been recognized as the most reliable internet provider in Canada by Opensignal, highlighting its commitment to delivering high-quality communications and entertainment experiences [1][2] - The company has also been acknowledged for having the most reliable wireless network in Canada, showcasing its consistent performance across different services [2] - Rogers has invested nearly $70 billion in network infrastructure over the past 20 years, aiming to enhance reliability and provide multi-gig speeds to almost eight million homes in 2025 [3] Company Performance - The Opensignal report indicates that Rogers excels in overall reliability experience, consistent quality, and download speed, reinforcing its market position [2][5] - The introduction of Rogers Xfinity is part of the company's strategy to offer industry-leading internet technology and a comprehensive suite of products for enhanced user experiences [3] Investment and Infrastructure - Rogers continues to invest in its network to ensure a world-class experience for Canadians, with a focus on improving internet technology and service reliability [3] - The ongoing investments are aimed at supporting increased demand for gaming, streaming, and other online activities among consumers [3]

Investment Rating - The investment rating for the pharmaceutical industry is "Outperform the Market" (maintained) [1] Core Insights - The main growth driver remains the launch of innovative products, particularly in the GLP-1 category, with significant revenue increases reported by companies like Eli Lilly and Novo Nordisk [3] - The report highlights the strong performance of key products across various therapeutic areas, including oncology, metabolism, and immunology, with notable sales growth percentages [3] Summary by Sections 01 Overview of Overseas Pharmaceutical Companies Q4 2024 and Annual Performance - Eli Lilly's revenue increased by 32% in 2024, driven by GLP-1 products [3] - Novo Nordisk's sales reached approximately $40.5 billion, a 25% increase, with significant contributions from GLP-1 products [29] - AstraZeneca and Merck also reported strong growth, with revenue increases of 21% and 10% respectively [3] 02 Performance Review of Overseas Pharmaceutical Companies - Eli Lilly's Q4 sales reached $13.5 billion, a 45% increase, with GLP-1 products contributing significantly [18] - Novo Nordisk's GLP-1 products achieved sales of approximately $22.5 billion, with a 20% increase in the diabetes segment [29] - JNJ's pharmaceutical segment reported $14.3 billion in Q4, with oncology products driving growth [40] R&D Investment - The top 15 pharmaceutical companies invested over $150 billion in R&D in 2024, a 7% increase year-on-year, with a research expense ratio of 21.8% [8] Sales Performance in China - Seven overseas pharmaceutical companies reported combined sales of approximately 515 billion RMB in Q4 2024, with a year-on-year growth of 10% [14]

Business Segments and Operations - The company operates two strategic segments: Advanced Electronics Solutions (AES) and Elastomeric Material Solutions (EMS), with non-core businesses reported in the Other segment[16]. - In 2024, the company sold to approximately 2,900 customers worldwide, with no individual customer representing more than 10% of total net sales[20]. - The company employs approximately 3,200 people globally, with 1,100 in North America, 1,100 in EMEA, and 1,000 in APAC[30]. - The company has established Rogers Innovation Centers in Chandler, Arizona; Rogers, Connecticut; Eschenbach, Germany; and Suzhou, China, focusing on the development of new high-tech materials[24]. Financial Performance and Risks - The company recognized a net payment of $4.9 million from INOAC as part of a joint venture separation agreement, resulting in a gain of $7.7 million[19]. - In 2024, a 10% strengthening of the U.S. dollar relative to other currencies would have resulted in a decrease to net sales and net income of approximately $8.6 million and $4.1 million, respectively[157]. - A 10% weakening of the U.S. dollar relative to other currencies would have resulted in an increase to net sales and net income of approximately $10.5 million and $4.9 million, respectively[157]. - As of December 31, 2024, the interest rate on the revolving credit facility was 6.30%, with a 100-basis point increase in SOFR resulting in an immaterial increase in interest expense for the year[158]. - The company has no borrowings outstanding under its revolving credit facility as of December 31, 2024[158]. Raw Materials and Supply Chain - Key raw materials include copper, polymer, polytetrafluoroethylene, and silicone materials, with some sourced from sole or limited-source suppliers[27][28]. - The company is exposed to fluctuations in the cost of raw materials, particularly copper and ceramic, which are key materials in its products[159]. - The company utilizes hedging strategies to minimize the risk of market-driven price changes in copper, the most frequently used commodity in its manufacturing processes[159]. - The company does not currently use hedging strategies for other commodity-based raw materials but regularly reviews such strategies[159]. Corporate Culture and Innovation - The company emphasizes a culture of respect and ethical practices, connecting day-to-day work with organizational objectives[31]. - The company aims to minimize lost workdays and promote health and safety, with a vision that everyone goes home safely every day[32]. - The company has a history of innovation, which is a key component of its overall business strategy, driven by R&D efforts[24]. - The company competes primarily on innovation, product quality, and technical support, differentiating itself from both large multinationals and smaller regional producers[22]. Governance and Leadership - The company provides access to its financial reports and governance documents on its website[36]. - The company has a diverse executive team with extensive experience in various relevant industries[35]. Risk Management - The company monitors foreign exchange risks and manages them on specific transactions using analytical techniques and sensitivity analysis[157].

Financial Data and Key Metrics Changes - Fourth quarter revenues were $192 million, a decline of 9% from the prior quarter, aligning with the guidance midpoint [18][41] - Gross margin for Q4 was 32.1%, approximately 300 basis points lower than Q3 due to volume [18][46] - Full year sales decreased by 9% to $830 million, primarily driven by declines in industrial and EV/HEV markets [18][99] - Adjusted earnings for the full year were $2.72 per share, down from $3.78 in 2023 [99] Business Line Data and Key Metrics Changes - AES revenue decreased by 9% to $102 million in Q4, with lower wireless infrastructure sales partially offset by higher ADAS revenue [44][102] - EMS revenue fell by approximately 8% to $86 million due to lower industrial sales and seasonal declines in portable electronics [44][102] - Aerospace and defense sales improved sequentially, contributing to a double-digit growth rate for the full year [21][79] Market Data and Key Metrics Changes - The EV/HEV market saw a significant decline, with curamik power substrate sales dropping substantially due to inventory destocking [14][20] - Industrial sales were lower in Q4 as customers managed year-end inventory levels, consistent with contraction in U.S. and European PMI data [24][80] - Wireless infrastructure sales experienced the largest decline among market segments due to the completion of shipments to an Indian program [25][81] Company Strategy and Development Direction - The company is focused on operational excellence and innovation, securing new design wins and launching new products [16][26] - A local-for-local manufacturing strategy is being executed, with new facilities in China to support growth and mitigate supply chain risks [35][91] - The company is also enhancing its M&A pipeline, identifying strategic acquisition targets to bolster growth [30][86] Management's Comments on Operating Environment and Future Outlook - Management noted significant market headwinds in 2024, particularly in industrial and EV/HEV markets, with expectations for a gradual recovery in the second half of 2025 [14][72] - The first quarter of 2025 is expected to be flat in sales, with cautious ordering from customers due to ongoing uncertainties [15][72] - Management remains confident in the company's ability to navigate challenges and position itself for growth when market conditions improve [61][132] Other Important Information - The company generated free cash flow of $71 million in 2024, maintaining similar levels to the prior year [52][99] - An $8 million impairment related to the ERP system was recorded, offset by a gain from a joint venture separation [51][108] - Capital expenditures for 2024 were $56 million, with expectations to decrease in 2025 as expansion projects conclude [110][111] Q&A Session Summary Question: How should revenue be viewed on a segment and end market basis for Q1? - Management indicated a slight decrease in portable electronics and significant impacts from the curamik business due to inventory issues and EV/HEV slowdowns [122][124] Question: Do you expect to return to positive year-over-year growth by the second half of 2025? - Management expects Q1 to be the low point, with a stronger second half anticipated due to gradual recovery in the curamik market and seasonal improvements in portable electronics [128][132] Question: What actions are being considered to protect margins and cash flow? - Management emphasized ongoing cost control and efficiency improvements as top priorities, with expectations for growth in key segments despite headwinds [130][135]

Company Performance - Rogers Corp. reported quarterly earnings of $0.46 per share, exceeding the Zacks Consensus Estimate of $0.45 per share, but down from $0.60 per share a year ago, indicating a 23.33% year-over-year decline [1] - The company achieved an earnings surprise of 2.22% for the quarter, following a previous quarter where it had a surprise of 15.29% with earnings of $0.98 per share against an expectation of $0.85 [1][2] - Over the last four quarters, Rogers Corp. has surpassed consensus EPS estimates four times [2] Revenue Analysis - For the quarter ended December 2024, Rogers Corp. posted revenues of $192.2 million, which missed the Zacks Consensus Estimate by 0.16% and represents a decline from $204.6 million in the same quarter last year, reflecting a year-over-year decrease of 6.00% [2] - The company has only topped consensus revenue estimates once in the last four quarters [2] Stock Performance and Outlook - Rogers Corp. shares have decreased approximately 10.7% since the beginning of the year, contrasting with the S&P 500's gain of 4.2% [3] - The future performance of the stock will largely depend on management's commentary during the earnings call and the sustainability of the stock's immediate price movement based on the recently released numbers and future earnings expectations [3][4] Earnings Estimates - The current consensus EPS estimate for the upcoming quarter is $0.72, with expected revenues of $200.2 million, and for the current fiscal year, the estimate is $3.57 on revenues of $848.8 million [7] - The estimate revisions trend for Rogers Corp. is mixed, resulting in a Zacks Rank 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] Industry Context - The Electronics - Miscellaneous Components industry, to which Rogers Corp. belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact investor sentiment [5]