News Column

Cogeco Cable reports higher third quarter revenue, but lower profit

July 9, 2014

The Canadian Press



MONTREAL - Cogeco Cable (TSX:CCA) and its parent company Cogeco Inc. (TSX:CGO) are reporting higher revenue but lower profits for the third quarter.

The cable company says it made a profit of $35.5 million, or 73 cents per share, compared with $48.1 million, or 98 cents per share, in the same period of 2013. Revenue was $496.4 million, up from 464.4 million.

Revenue beat street estimates but profits were below what was expected.

For the parent company, third-quarter profit amounted to $35.6 million, or 69 cents per share, compared to profit of $50.0 million, or $1.03 per share, in the year-ago quarter. Revenue was $536 million, up from $504.4 million.

Cogeco Cable had an impairment of $32.2 million related to an Internet Protocol Television solution project on which its Canadian cable services segment had worked.

Analysts generally expected Cogeco Cable's results for the March-May quarter would be in line with the second quarter ended Feb. 28. Earnings were estimated at $1.23 per diluted share and revenue was expected at $488.7 million, according to date compiled by Thomson Reuters.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Canadian Press DataFile


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters