The loosening of public health restrictions and pent-up travel demand helped power a double-digit profit surge for Rogers Communications Inc. in the first quarter. The telecom operator’s shares climbed to an all-time intraday high above $80 Wednesday after the results and a revised profit forecast were released.

Rogers’ adjusted diluted earnings per share climbed 18 per cent year-over-year to $0.91. Analysts, on average, were expecting $0.83 in adjusted per-share profit. Total revenue was in line with expectations at $3.62 billion.

As usual, Rogers' wireless business led the way as revenue from that division rose three per cent year-over-year to $2.14 billion. Service revenue accounted for all of the growth, and Rogers noted in a release that roaming activity picked up amid "significantly increased travel." The division’s subscriber growth accelerated, as 66,000 net postpaid customers were added in the quarter. A year earlier, only 22,000 subscribers were added.

Sports were a double-edged sword for Rogers in the quarter. The company's media division saw revenue climb 10 per cent year-over-year to $482 million, thanks in part to higher sports-related revenue, Rogers said in its release. However, the unit's operating expenses rose at the same rate due to a range of factors including the timing of salaries for the Toronto Blue Jays, the Major League Baseball franchise owned by Rogers.

Despite the spotty outcome for Rogers' media division, the company raised its full-year service revenue and adjusted earnings before interest, taxes, depreciation, and amortization forecasts.

“It is not common for telecom companies to increase their outlook this early in the year, which speaks to management’s improved visibility on the company’s operations amid the reopening,” wrote Desjardins Capital Markets Analyst Jerome Dubreuil in a note to clients. He has a buy recommendation on Rogers and a price target of $72.00 per share.

Rogers is still awaiting final approvals to proceed with its planned $20-billion takeover of Shaw Communications Inc. The Canadian Radio-television and Telecommunications Commission — which has purview over broadcasting assets — approved the deal last month. The transaction still requires approvals from the Competition Bureau and Innovation, Science, and Economic Development Canada. Rogers reiterated Wednesday that it expects the deal will close by the end of June.

"We are very confident about the opportunities ahead, driven by the exceptional quality of our assets and the dedicated efforts of the Rogers team," said Rogers President and Chief Executive Officer Tony Staffieri in the release.