Bell Media Parent BCE Inc. Revenues, Earnings Up For Third Quarter

Up For Q3

BCE INC., parent of CANADA's BELL MEDIA, saw its overall consolidated operating revenues increase 1.8% year-to-year to C$5.984 billion for third quarter 2019, with net earnings up 6.3% to C$922 million and adjusted EBITDA rising 5.6% to C$2.594 billion. Adjusted net earnings fell 4.8% to C$820 million (91 cents/share).

Revenues for the BELL MEDIA division, including radio and television, rose 2.7% to C$751 million, driven by the CRAVE on-demand subscription TV service. Ad revenue fell due to the loss of WORLD CUP soccer, which pumped up 2018's numbers; excluding the WORLD CUP, ad revenue rose, including revenue from the federal elections. The company did not break out results for its radio stations, only pointing to its average audience of 16.2 million with about 70 million hours listened to in each week.

"BELL's commitment to build the advanced fibre and mobile networks that will take Canadian communications into the future continues to deliver strong results for our shareholders, customers and communities today. With exceptional execution by the BELL team in Q3, we achieved industry-leading subscriber growth -- including record Q3 net wireless customer additions -- improved customer satisfaction and a strong financial performance," said Pres./CEO GEORGE COPE. "This includes our 56th consecutive quarter of increased year-over-year adjusted EBITDA and continued strong growth in the free cash flow that fuels our network investment and shareholder value objectives.

"The unmatched reach, capacity and speed of BELL's networks, and the service and media innovations they enable, are keeping Bell at the forefront of the dynamic Canadian communications industry. I look forward to working with the next CEO of BELL, our Chief Operating Officer MIRKO BIBIC, and the national team to build on this momentum and close 2019 with a strong Q4 performance."

"BCE delivered another positive financial performance in Q3 in line with our guidance targets, enabled by operating profitability growth across our wireless, wireline and media segments. The 1.8% increase in consolidated BCE revenue, together with the favourable impact of IFRS 16 and ongoing operating cost efficiency, delivered strong 5.6% growth in adjusted EBITDA. Net earnings increased 6.3% while free cash flow grew 17.3% to approximately $1.2 billion," said CFO GLEN LEBLANC. "With 3 quarters of strong financial growth in 2019, continued competitive momentum and a solid financial and pension solvency position, BCE is well positioned to deliver ongoing expansion in our world-leading broadband networks and continued dividend growth in 2020."

"All BELL operating segments delivered subscriber, revenue and adjusted EBITDA growth in Q3 as we grew wireless, retail Internet and IPTV subscribers by 8.4% to 293,950, led by another outstanding performance at BELL MOBILITY," said COO and soon-to-be-CEO MIRKO BIBIC. "Wireless subscriber net additions were up 14.8% to 204,067, our best-ever Q3 performance and highest quarterly result in 13 years, reflecting continued reduction in postpaid churn and an 80.9% year-over-year increase in prepaid net additions as our low-cost LUCKY MOBILE brand continues to re-define the prepaid segment.

"In wireline, service innovations like 1.5 Gbps Internet and Alt TV helped attract 89,883 net new broadband Internet and IPTV customers, including a record number of gross Internet additions, in a highly competitive residential marketplace. Our continued lead in conventional and specialty TV combined with year-over-year growth at ASTRAL out of home and CRAVE subscribers delivered increased media revenue, operating profitability and cash flow."

« see more Net News