BCE Inc. (BCE. BCE.TO) reported that its first-quarter net earnings attributable to common shareholders of C$566 million, up 6.6% from C$531 million last year. Earnings per share for the quarter increased to C$0.73 from last year's C$0.69.
Adjusted net earnings attributable to common shareholders were C$599 million, an increase of 11.5% compared to C$537 million in the prior year quarter. Adjusted earnings per share were C$0.77, compared to C$0.69 last year. Analysts polled by Thomson Reuters expected the company to report earnings of C$0.71 per share for the quarter. Analysts' estimates typically exclude special items.
The increase in Adjusted earnings was due to higher EBITDA, recognition of a pension surplus entitlement, and net gains on equity derivative contracts entered into to hedge share-based compensation liabilities.
Operating revenues for the quarter were C$4.919 billion, compared to C$4.910 billion last year. Seven analysts had consensus revenue estimate of C$4.96 billion for the quarter.
BCE's Board of Directors has declared a quarterly dividend of C$0.5825 per common share, payable on July 15, 2013 to shareholders of record at the close of business on June 14, 2013.
For fiscal 2013, the company still expects adjusted earnings to be in the range of C$2.97 - C$3.03 per share. Analysts expect the company to report earnings of C$2.98 per share for fiscal 2013.
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