BCE Clocks 4% Revenue Growth In Q4 Driven By Wireless Momentum, Boosts FY23 Dividend

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  • BCE Inc (NYSEBCE) reported fourth-quarter FY22 operating revenue growth of 3.7% year-on-year to C$6.44 billion.
  • The company attributed the performance to a 2.1% increase in service revenue to C$5.35 billion, reflecting robust wireless, residential Internet growth.
  • Product revenue increased 12.4% Y/Y to C$1.09 billion.
  • Total wireless operating revenue increased 7.7% Y/Y to C$ 2.67 billion due to solid service revenue growth.
  • Total wireline operating revenue rose by 0.5% Y/Y to C$3.09 billion.
  • Media operating revenue grew by 4.7% Y/Y to C$889 million, driven by a higher subscriber and advertising revenue.
  • Adjusted EBITDA rose 0.3% Y/Y to C$2.44 billion, driven by Bell Wireless. 
  • The adjusted EBITDA margin declined 129 bps to 37.8%.
  • Adjusted EPS was C$0.71.
  • BCE generated C$376 million in free cash flow.
  • Dividend: The board boosted the FY23 dividend per share by 5.2% to C$3.87 per share.
  • Outlook: BCE reiterated all FY22 financial guidance targets. It expects revenue growth of 1% – 5% and adjusted EPS growth of 2% – 7%.
  • Price Action: BCE shares closed higher by 0.63% at $47.60 on Wednesday.
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