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Cogeco Cable beats the Street in the third quarter

Cogeco Cable beats the Street in the third quarter

Cogeco Cable (TSE:CCA) says its third-quarter profit was flat at $53.1 million year-over-year as funds from recent acquisitions were offset by the transaction costs.

On a per share basis, Cogeco earned $1.08 per share, a penny higher than a year ago and five cents higher than the Street's median estimate.

The Montreal-based company's revenue rose 45.3 per cent to $464.5 million from $319.8 million in the same prior-year period. 

Looking ahead, Cogeco is raising its guidance for operating income before depreciation and amortization to $780 million from $767 million for the full fiscal year. The company also predicts its operating margins will rise to 46 per cent from 45.2 per cent. 

During the quarter, Cogeco acquired Atlantic Broadband, a cable operator in five American states and Peer 1 Hosting, a technology services provider.

Cogeco shares increased 2.8 per cent to $47.83 at the opening bell. 

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Cogeco Cable Timeline

January 26 2012
October 27 2011
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