08:46 AM EST, 01/14/2025 (MT Newswires) -- Cogeco Communications ( CGEAF ) a North American telecommunications provider, overnight Monday reported higher earnings for the first quarter of fiscal 2025, despite lower revenues, due to lower financial expenses and a pre-tax non-cash gain.

Cogeco reported adjusted diluted earnings per share of $2.14 for the three months ended Nov. 30, 2024, compared to $2.33 a year earlier. Diluted earnings per share increased to $2.38 from a prior year figure of $2.01.

Revenue decreased by 1.2% to $738.7 million. On a constant currency basis, revenue decreased by 1.6% due to a decline in revenue in the American telecommunications segment, while revenue in the Canadian telecommunications segment remained stable.

Adjusted EBITDA grew by 1.7% to $365.2 million.

The company said strong customer momentum drove solid Internet subscriber growth in Canada and improved subscriber performance in the U.S.

The company said it is on track to launch wireless in Canada over the coming quarters and added that it maintains its fiscal 2025 financial guidelines.

"As we enter fiscal 2025 under a new operating model focused on synergies, digital, and analytics, we are already seeing positive developments in many aspects of our business," said Cogeco Communications ( CGEAF ) Chief Executive Frederic Perron. "High-speed Internet subscriber growth remains strong in Canada and subscriber metrics are improving in the U.S. Adjusted EBITDA margins are growing and our preparation for an upcoming Canadian wireless launch is on track."

"Our Canadian telecommunications business recorded solid Internet subscriber growth in both the Cogeco and oxio brands, as well as from the network expansion program in Ontario," Perron continued.

Shares of the company closed down $0.28 or 0.4%, to $67.43 on Monday on the Toronto Stock Exchange.