Canada's Bell Media, a division of BCE Inc., continues to face revenue challenges in recent quarters due to various factors impacting the media industry.
Here are the highlights from BCE Inc.'s Q1 2024 earnings report:
Financial Performance: Consolidated adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) showed growth of 1.1%, surpassing Q1 plan expectations. The company achieved a 0.8 percentage-point increase in adjusted EBITDA margin, reaching 42.7%, driven by 2.0% lower operating costs. Net earnings were $457 million, down 42.0%. Net earnings attributable to common shareholders stood at $402 million, down 44.6% (equivalent to $0.44 per common share). Adjusted net earnings reached $654 million, resulting in an adjusted EPS of $0.72, down 15.3%1.
Cash Flows and Subscribers: Cash flows from operating activities declined by 9.2% to $1,132 million. Free cash flow remained stable at $85 million. Wireless operating momentum continued, with the highest Q1 mobile phone postpaid net activations since 2018 (up 4.5% to 45,247). Retail Internet net subscriber activations were the best in 17 years (up 13.9% to 31,078), demonstrating customers’ preference for fiber. IPTV net activations increased by 30.0% to 14,1741.
Mirko Bibic
Bell Media: Digital revenue at Bell Media surged by 33%, driven by digital platforms and advertising technology. However, total media revenue and adjusted EBITDA were down year over year due to a one-time retroactive subscriber revenue adjustment in Q1 2023. Notably, this quarter marked the first year-over-year advertising revenue growth since Q4 20221.
Mirko Bibic, President and CEO of BCE and Bell Canada, emphasized the team’s focus on operational efficiencies and balancing growth with profitability.
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