BCE Q1 Performance: Big Topline Beat, CFO LeBlanc To Retire, Curtis Millen Will Replace

  • BCE Inc (NYSEBCE) reported first-quarter FY23 operating revenue growth of 3.5% year-on-year to C$6.05 billion.
  • The company attributed the performance to a 0.9% increase in service revenue to C$5.22 billion.
  • Product revenue increased 23.6% Y/Y to C$832 million.
  • Total wireless operating revenue increased 5.4% Y/Y to C$ 1.72 billion.
  • Total wireline data revenue rose by 2.5% Y/Y to C$2.00 billion.
  • Wireline voice revenue declined by 5.8% Y/Y to C$726 million.
  • Adjusted EBITDA declined by 1.8% Y/Y to C$2.54 billion, driven by Bell Wireless. 
  • The adjusted EBITDA margin declined 230 bps to 41.9% due to lower year-over-year media revenue.
  • Adjusted EPS was C$0.85.
  • BCE generated C$85 million in free cash flow.
  • Glen LeBlanc would retire as CFO after 30 years of service, effective September 1, 2023. He will continue serving as Vice Chair Atlantic and Chair Northwestel.
  • Currently SVP, Corporate Strategy & Treasurer, Curtis Millen will be promoted to CFO.
  • Outlook: BCE expects FY23 revenue growth of 1% – 5% and adjusted EPS decline of (3)% – (7)%.
  • Price Action: BCE shares traded lower by 0.70% at $47.64 on the last check Thursday.
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