BCE Inc. (BCE,BCE.TO), Canada's largest communications company, Thursday reported a higher first-quarter profit, with a marginal increase in revenues. The company also confirmed its earnings guidance for full-year 2013.
BCE anticipates updating its 2013 financial guideline after closing of Astral acquisition, targeted for early summer. On March 4, BCE received Competition Bureau clearance for its proposed acquisition of Astral Media Inc.
The Montreal-based company and parent of Bell Canada said its first-quarter net earnings attributable to shareholders increased to C$566 million or C$0.73 per share from C$531 million or C$0.69 per share in the previous year. On an adjusted basis, earnings per share for the recent quarter were C$0.77.
On average, 11 analysts polled by Thomson Reuters expected the company to earn C$0.71 per share for the quarter. Analysts' estimates typically exclude special items.
Operating revenues for the quarter slightly increased to C$4.92 billion from C$4.91 billion in the same quarter last year. Seven analysts had consensus revenue estimate of C$4.96 billion for the quarter.
For full-year 2013, the company still expects adjusted earnings to be in the range of C$2.97 to C$3.03 per share. Analysts expect the company to report earnings of C$2.98 per share for the full year.
BCE said its board has declared a quarterly dividend of C$0.5825 per share, to shareholders of record on June 14, 2013, payable on July 15.
The company provides broadband communication services to residential and business customers under the Bell and Bell Aliant brands. Bell operating revenues, which includes Bell Wireless, Bell Wireline and Bell Media segments, rose 0.3 percent to C$4.35 billion. EBITDA improved 2.1 percent to C$1.64 billion. Bell Fibe TV added 47,463 net new customers, an increase of 41.9 percent.
Bell Aliant (BA.TO) revenues increased 0.3 percent to C$684 million. EBITDA was unchanged at C$321 million.
At the end of the quarter, BCE, including Bell Canada and Bell Aliant, served a total of about 7.81 wireless subscribers, up 3.6 percent from last year.
Total TV subscribers grew 5 percent, total high-speed internet subscribers were up 1.3 percent, while, total NAS lines were down 7 percent from a year ago.
On the Toronto Stock Exchange, BCE closed Wednesday's regular trading at C$47.92. The shares ended at $47.80 on the NYSE.
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