Bell Media Parent BCE Inc. Revenues, Earnings Dip In Third Quarter

Q3 Down

BCE INC., parent of CANADA's BELL MEDIA, saw its overall consolidated operating revenues fall 2.6% year-to-year to C$5.787 billion in third quarter, with net earnings off 19.7% to C$740 million (77 cents/share), Adjusted net earnings down 12.3% to C$712 million, and Adjusted EBITDA off 4.4% to $2.454 billion. Free cash flow dipped 11.5% to $1.034 billion. BELL MEDIA operating revenue decreased 16.4% to C$628 million, with Adjusted EBITDA off 21.2% to C$178 million. The company's radio division results were not disclosed in the earnings release.

"With a steadfast focus on our long-term strategy throughout the challenges of 2020, the BELL team continues to deliver the benefits of next-generation network and service investment to our shareholders, customers and communities. In Q3, BELL's innovation leadership drove operational and financial momentum across our business segments, while our infrastructure, technology and community investments supported Canada's COVID response and ongoing recovery," said Pres./CEO MIRKO BIBIC. "Diligent execution by the BELL team in an improving economy, which included the re-opening of retail sales and service for wireless, Internet and TV and the return of live sports programming supporting advertising growth, resulted in significantly improved financial performance and broadband customer additions compared to Q2, with Bell welcoming 210,000 net new retail Internet, IPTV and wireless customers."

The company has also announced a stock buyback program for up to 10% of the public float of each series of its outstanding First Preferred Shares on the TSX. The buyback will run NOVEMBER 9, 2020 through NOVEMBER 8, 2021.

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