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Cogeco Communications reported first-quarter results on Wednesday.

Graham Hughes/The Canadian Press

Shares of Cogeco Communications Inc. fell by more than 9 per cent after the cable and internet provider missed expectations despite a 20-per-cent increase in net income in its most recent quarter.

The Montreal-based company’s shares closed down $10.60 or 9.8 per cent at $102.32 in Wednesday trading on the Toronto Stock Exchange.

Cogeco says it earned $84.2-million for the period ended Nov. 30, up from $70.2-million a year earlier.

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That translated into $1.70 per diluted share, compared with $1.41 a share in the first quarter of 2019.

Revenue grew 1.8 per cent to $586.8-million from $576.7-million, driven by growth in its U.S. broadband services segment.

The subsidiary of Cogeco Inc. was expected to earn $2.01 per diluted share on $594-million of revenues, according to financial markets data firm Refinitiv.

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