07:00 AM EDT, 04/12/2024 (MT Newswires) -- Cogeco Inc. ( CGECF ) overnight Thursday reported fiscal second-quarter adjusted profit attributable to owners of the company of $24.3 million, or $2.33 per diluted share, down from $35.6 million, or $2.27 per diluted share, a year earlier.

Cogeco Communications ( CGEAF ), a unit of Cogeco Inc. ( CGECF ), also reported a drop in adjusted profit.

One analyst polled by Capital IQ expected Cogeco Inc. ( CGECF ) to report adjusted profit of $2.76 per diluted share.

Cogeco Inc.'s ( CGECF ) revenue for the quarter ended Feb. 29, 2024 was $751.9 million, down from $757.2 million a year earlier. Two analysts surveyed by Capital IQ expected $744.1 million.

Adjusted EBITDA for fiscal Q2 was $347.8 million, down from $351.7 million a year earlier.

The board declared a quarterly dividend of $0.854 per share, up 16.8% from $0.731 per share declared in the comparable quarter of fiscal 2023.

Additionally, Cogeco ( CGECF ) maintained its fiscal 2024 financial guidelines as released on Nov. 1, 2023.

For fiscal 2024, the company expects its revenue and adjusted EBITDA to remain stable. Net capital expenditures for fiscal 2024 are expected to be $700-$755 million. Net capital expenditures in connection with network expansion projects for fiscal 2024 are expected to range between $140 million and $190 million.

Meanwhile, Cogeco Communications ( CGEAF ) on Thursday reported fiscal second-quarter adjusted profit attributable to owners of the company of $94.1 million, or $2.21 per diluted share, down from $103.5 million, or $2.31 per diluted share, a year earlier. Analysts surveyed by Capital IQ expected $1.92.

Revenue for the quarter ended Feb. 29, 2024, was $730.5 million, down from $736.6 million a year earlier. Analysts polled by Capital IQ expected $733.8 million.

Adjusted EBITDA for fiscal Q2 was $347.1 million versus $351.2 million a year earlier.

Cogeco Communications' ( CGEAF ) board declared a quarterly eligible of $0.854 per share, up 10.1% from $0.776 per share in the comparable quarter of fiscal 2023.

Also, Cogeco Communications ( CGEAF ) maintained its fiscal 2024 financial guidelines as issued on Nov. 1, 2023. The company expects revenue and adjusted EBITDA to remain stable on a constant currency basis.

Net capital expenditures are expected to be between $700 million and $775 million, including net investments of about $140 million to $190 million in growth-oriented network expansions.