MONTREAL - Shares of Cogeco Communications Inc. fell by more than nine per cent after the cable and internet provider missed expectations despite a 20 per cent increase in net income in its most recent quarter.

The Montreal-based company's shares closed down $10.60 or 9.4 per cent at $102.32 in Wednesday trading on the Toronto Stock Exchange.

Cogeco says it earned $84.2 million for the period ended Nov. 30, up from $70.2 million a year earlier.

That translated into $1.70 per diluted share, compared with $1.41 per share in the first quarter of 2019.

Revenue grew 1.8 per cent to $586.8 million from $576.7 million, driven by growth in its U.S. broadband services segment.

The subsidiary of Cogeco Inc. was expected to earn $2.01 per diluted share on $594 million of revenues, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Jan. 15, 2020.

Companies in this story: (TSX:CCA, TSX:CGO)

The Canadian Press. All rights reserved.

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