07:34 AM EST, 01/14/2025 (MT Newswires) -- Cogeco Communications (CGO.TO), a North American telecommunications provider, overnight Monday reported higher earnings for the first quarter of fiscal 2025, despite lower revenues, due to lower financial expense, a pre-tax $13.8 million non-cash gain, and higher adjusted EBITDA.

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

Cogeco ( CGECF ) reported adjusted diluted earnings per share of $2.82 for the quarter ended Nov. 30, 2024, compared to $2.57 a year earlier. Diluted earnings per share increased to $3.09 compared with the prior year figure of $2.21.

Revenue decreased by 1.4% to $765.0 million. On a constant currency basis, revenue decreased by 1.8% due to a decline in revenue in the American telecommunications segment and in the media activities, while revenue remained stable in the Canadian telecommunications segment.

Adjusted EBITDA grew by 1.4% to $371.1 million.

In terms of outlook, Cogeco ( CGECF ) said it is on track to launch wireless in Canada over the coming quarters.

The company maintained 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 Frederic Perron, President and CEO. "High-speed Internet subscriber growth remains strong in Canada , subscriber metrics are improving in the U.S, 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 ( CGECF ) and oxio brands, as well as from the network expansion program in Ontario.

"In the U.S., our financial results were as expected. Our overall product mix continued to improve, driven by demand for higher speed offerings, while efficiency initiatives drove another quarter of solid adjusted EBITDA margin. Furthermore, we recorded improving subscriber trends, including our best performance in Ohio since we acquired the business.

"At Cogeco Media, competitive dynamics in the radio advertising market remain challenging, however, our digital advertising solutions continue to provide a growing contribution to our overall revenue, and we continue to experience strong listener engagement with radio stations remaining at the top of the ratings.

Shares were unchanged at $58.90 on Monday on the Toronto Stock Exchange.