Cogeco Communications Inc. CCA-T 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 per cent to 2 per cent on a constant currency basis compared with earlier expectations for growth between 2 per cent and 4 per cent.
Cogeco Communications also says its adjusted earnings before interest, taxes, depreciation and amortization is now expected to grow between 0.5 per cent and 2 per cent on a constant currency basis compared with earlier guidance for growth between 1.5 per cent and 3.5 per cent for its full year.
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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.