Cogeco Q1 profit flat despite revenue boost from Canada operations
BNN Bloomberg
Cogeco Communications Inc. says its net earnings were flat in its latest quarter despite higher revenues following a U.S. acquisition.
MONTREAL -- Cogeco Communications Inc. says its net earnings were flat in its latest quarter despite higher revenues following a U.S. acquisition.
The Montreal-based company says profits attributable to shareholders were $106.8 million or $2.27 per diluted share in the first quarter, compared with $106.7 million or $2.22 per share a year earlier.
Revenue increased 16.1 per cent to $718.5 million in the three months ended Nov. 30, from $618.9 million in the first quarter of 2021.
The increase was 19 per cent on a constant currency basis and included a 31 per cent growth in American broadband services (renamed Breezeline) revenues resulting from the Sept. 1 acquisition of the Ohio broadband systems.
It also included an 8.2 per cent increase in Canadian broadband revenues following its purchase of fellow Quebec cable and internet provider DERYtelecom in December 2020.
Cogeco Communications was expected to earn $2.06 per share on $717.7 million in revenues, according to financial data firm Refinitiv.
