MONTREAL — Cogeco Communications Inc. reported its first-quarter profit and revenue rose compared with a year ago, but the company trimmed its guidance for its full financial year.
The cable company says it now expects revenue for its 2023 financial year to grow in a range of 0.5 to two per cent on a constant currency basis compared with earlier expectations for growth between two and four per cent.
Cogeco Communications also says its adjusted earnings before interest, taxes, depreciation and amortization is now expected to grow between 0.5 and two per cent on a constant currency basis compared with earlier guidance for growth between 1.5 and 3.5 per cent for its full year.
The revised guidance came as the company reported its profit attributable to owners of the corporation totalled $111.5 million for the quarter ended Nov. 30, up from $106.8 million a year earlier.
The profit amounted to $2.44 per diluted share for the quarter, up from $2.27 per diluted share a year earlier.
Revenue for the quarter totalled $762.3 million, up from $718.5 million, an increase of 6.1 per cent or 2.3 per cent on a constant currency basis.
This report by The Canadian Press was first published Jan. 13, 2023.
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