(RTTNews) - Canadian telecom company BCE, Inc. (BCE: News ,BCE.TO: News ), the parent company of Bell Canada, reported Thursday that profit for the third quarter surged from last year, driven by financial discipline and efficiency initiatives across its business as well as a marginal revenue growth. The company also posted record wireless postpaid net activations and industry-leading TV net activations. The company also said it currently anticipates fiscal 2009 adjusted earnings at the high end of its prior guidance range, and full year revenue growth at low end of earlier range.

The company noted that the results demonstrate the continued progress in the execution of Bell's 5 strategic imperatives, such as improve customer service, accelerate wireless, leverage wireline momentum, invest in broadband networks and services, and achieve a competitive cost structure.

In a statement, chief financial officer, Siim Vanaselja said, "Our results this quarter showed good financial discipline throughout the business. In a challenging economic cycle, we have continued to focus on improving the cost structure of our operations by implementing efficiency initiatives to deliver sustained improvement in the profitability of our business. Our work to drive out costs has enabled us to sustain margins, even with incremental pension costs and ongoing pressures from the current economic climate."

Third Quarter Results

The Montreal, Canada-based company reported net earnings of C$558 million or C$0.72 per share for the third quarter, sharply higher than C$248 million or C$0.31 per share in the prior-year quarter.
The results for the latest quarter include restructuring and other costs of C$123 million or C$0.16 per share, and net gain on investments of C$32 million or C$0.04 per share. The year-ago quarter results included C$210 million or C$0.25 per share of restructuring and other costs, and a net loss on investments of C$30 million or C$0.04 per share.

Excluding special items, adjusted net earnings for the quarter rose to C$649 million or C$0.84 per share from C$488 million or C$0.60 per share in the year-ago quarter. On average, three analysts polled by Thomson Reuters expected the company to earn US$0.68 per share for the third quarter. Analysts' estimates typically exclude one-time items.

BCE's operating revenues for the quarter edged up 0.5% to C$4.46 billion from C$4.44 billion in the same quarter last year, as higher revenues at Bell Canada were partly offset by lower revenues at Bell Aliant. Wall Street analysts had a consensus revenue estimate of US$4.54 billion for the quarter.

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