Telecommunications company BCE (BCE) beat first-quarter profit expectations on strong
growth in its wireless business.
The parent company of Bell reported earnings per share (EPS) of $0.89, up 14.1% from a year
earlier and above the average analyst expectation of $0.80 per share.
BCE said the strong results were due to its wireless division posting its strongest quarter of
organic growth in 11 years. The company said its latest results surpassed pre-pandemic
business levels for the first time.
Operating revenue for the quarter was in-line with expectations at $5.85 billion, which was up
2.5% from the same quarter last year.
Total wireless operating revenue increased 5.2% year-over-year to $2.21 billion. Postpaid
wireless net additions, a metric of how many higher-value phone subscribers the company
added, rose 4% to 34,230, above the 30,000 additions forecast by analysts.
BCE’s Bell Media division reported a 15.7% increase in operating revenue in the first quarter of
this year, pointing to higher advertising and subscriber revenue compared with last year.
The company reaffirmed its full-year forecast, with expectations for between 1% and 5%
revenue growth this year and adjusted EPS growth of 2% to 7%.
Year to date, BCE stock is up 3% at $53.79 U.S. a share.
