BCE Inc. (BCE: Quote,BCE.TO: Quote) reported that its second-quarter net earnings attributable to common shareholders increased to C$773 million or C$1.00 per share, from C$590 million or C$0.76 per share, in the same quarter last year. The year-over-year increase in earnings was due primarily to higher EBITDA, the favourable resolution of various tax matters, and a C$164 million non-recurring charge in the second-quarter 2011 for the CRTC tangible benefits obligation incurred on the CTV acquisition.
BCE's Adjusted earnings per share was C$1.02 per share, compared to C$0.86 per common share in the previous year. The 18.6% increase reflected higher EBITDA and higher favourable year-over-year resolution of various tax matters. Analysts polled by Thomson Reuters expected the company to report earnings of C$0.81 per share for the quarter. Analysts' estimates typically exclude special items.
Operating revenue was C$4.923 billion in the second quarter of 2012, down 0.6% from C$4.955 billion in the second quarter of 2011, due to slightly lower revenues at both Bell and Bell Aliant. Four analysts had consensus revenue estimate of C$ 4.97 billion for the quarter.
The BCE annual common share dividend will increase from C$2.17 to C$2.27 per share effective with BCE's third-quarter 2012 dividend payable on October 15, 2012 to shareholders of record at the close of business on September 14, 2012. BCE's Board declared a quarterly dividend of C$0.5675 per common share.
The company raised its fiscal 2012 adjusted net income outlook to a range of C$3.15 - C$3.20 per share from prior range of C$3.13 - C$3.18 per share. Analysts expect the company to report earnings of C$3.17 per share for fiscal 2012.
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by RTT Staff Writer
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