(Bloomberg) -- Rogers Communications Inc. beat analysts’ fourth-quarter estimates and released a bullish outlook for 2024, forecasting that service revenue will rise at least 8% and free cash flow will jump.  

Canada’s largest wireless company earned C$1.19 per share on an adjusted basis, higher than the C$1.12 expected by analysts in a Bloomberg survey. Revenue was slightly above projections at C$5.34 billion ($4 billion). 

The wireless unit, Rogers’ largest business, added 184,000 postpaid mobile subscribers during the quarter.

“We’ve delivered eight straight quarters of growth and I remain very confident in our future,” Chief Executive Officer Tony Staffieri said in a statement. “Our industry-leading growth targets for 2024 reflect continued momentum and disciplined execution.” 

Toronto-based Rogers, which acquired rival Shaw Communications Inc. in April in one of the largest takeovers in Canadian history, expects to spend as much as C$4 billion in capital expenditures this year, similar to last year, excluding spectrum licenses. With Shaw’s business in the fold for the full year, free cash flow should rise to at least C$2.9 billion, the company said — a 20% increase over 2023. 

Members of the family that controls Rogers said last month they’ve resolved a longstanding dispute about governance. Melinda Rogers-Hixon and Martha Rogers left the board after a settlement with their brother, Chair Edward Rogers. 

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