Cogeco logged lower revenue in its latest quarter, citing increased competitive pressures in the U.S.
The telecommunications and media company on Wednesday posted a third-quarter loss of 405.7 million Canadian dollars (about $289 million), or C$42.84 a share, compared with a profit of C$20.5 million, or C$2.13 a share, a year earlier. The company attributed the loss to non-cash, pre-tax impairment charges recognized during the quarter, as well as lower adjusted earnings before interest, taxes, depreciation and amortization.
Adjusted earnings per share were C$3.10.
Revenue fell 4.5% to C$724.2 million.
The decline was driven by lower American telecommunications revenue due to a lower subscriber base and a higher proportion of customers subscribing to internet-only services. The company also cited a competitive pricing environment.
"In the U.S., we experienced a further intensification of the competitive environment, resulting in our financials not improving as fast as expected," Chief Executive Frédéric Perron said.
The company's performance in Canada, meanwhile, remained strong, Perron said, with wireless sales ahead of the company's plan.
Perron added the company is looking to optimize its capital investments going into the next fiscal year amid volatility within the traditional radio advertising industry.
The company also backed the full-year guidance it gave in April, and raised its quarterly dividend by 7% year over year to C$0.987 a share.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
July 15, 2026 17:59 ET (21:59 GMT)
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