Bell Media Parent BCE Inc. Revenues, Earnings Slip In First Quarter

Q1 Report

BCE INC., parent of CANADA's BELL MEDIA, saw its first quarter 2021 overall consolidated operating revenues increase 1.2% to C$5.7 billion, with net earnings falling 6.3% to C$687 million (71 cents/share) and adjusted net earnings off 1.4% to C$704 million (78 cents/share). Free cash flow jumped 53.8% to C$940 million.

BELL MEDIA operating revenue decreased 5.2% to C$713 million, with radio and outdoor lagging and TV increasing. Adjusted EBITDA for the division decreased 7.7% to C$143 million.

"As we celebrate the 141st anniversary of BELL's founding in MONTRÉAL today, our Q1 results highlight how the BELL team continues to step up to support our customers and communities in 2021. Keeping the country connected and informed while building momentum in a recovering economy, BELL delivered continued sequential quarterly improvement in our results, including positive revenue and adjusted EBITDA growth for the first time since the beginning of the COVID crisis," said Pres./CEO  MIRKO BIBIC. "As we all deal with the ongoing social and economic challenges of COVID-19, BELL is focused on advancing how Canadians connect with each other and the world. Building the best networks, launching innovative services and delivering the most compelling content is supporting an improved growth trajectory for CANADA's largest communications company and delivering positive benefits for all our stakeholders."

"BELL's Q1 results represent a promising start to the year, reflecting significantly better performance trajectories and steady sequential quarterly improvement across all our business segments," said CFO GLEN LEBLANC. "BELL's strengthening performance, including ongoing strong free cash flow generation, further solidified our very healthy financial position, with $6.5 billion of available liquidity at the end of Q1 and a historic pension plan solvency surplus position that bodes well for the possibility of a pension contribution holiday on our larger defined benefits plans in the near future. As we re-confirm our guidance targets for 2021. BELL is well positioned to execute our network acceleration plans, including participation in the upcoming federal 5G spectrum auction, while delivering sustainable dividend growth to our shareholders."

The company's Board of Directors also declared a quarterly dividend of C$0.875 per common share, payable on JULY 15th to shareholders of record at the close of business on JUNE 15th.

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