BCE Q1 Performance: Big Topline Beat, CFO LeBlanc To Retire, Curtis Millen Will Replace

BCE Inc (NYSE: BCE) reported first-quarter FY23 operating revenue growth of 3.5% year-on-year to C$6.05 billion.
The company attributed the performance to a 0.9% increase in service revenue to C$5.22 billion.
Product revenue increased 23.6% Y/Y to C$832 million.
Total wireless operating revenue increased 5.4% Y/Y to C$ 1.72 billion.
Total wireline data revenue rose by 2.5% Y/Y to C$2.00 billion.
Wireline voice revenue declined by 5.8% Y/Y to C$726 million.
Adjusted EBITDA declined by 1.8% Y/Y to C$2.54 billion, driven by Bell Wireless.
The adjusted EBITDA margin declined 230 bps to 41.9% due to lower year-over-year media revenue.
Adjusted EPS was C$0.85.
BCE generated C$85 million in free cash flow.
Glen LeBlanc would retire as CFO after 30 years of service, effective September 1, 2023. He will continue serving as Vice Chair Atlantic and Chair Northwestel.
Currently SVP, Corporate Strategy & Treasurer, Curtis Millen will be promoted to CFO.
Outlook: BCE expects FY23 revenue growth of 1% – 5% and adjusted EPS decline of (3)% – (7)%.
Price Action: BCE shares traded lower by 0.70% at $47.64 on the last check Thursday.

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