Bell Media Parent BCE Fourth Quarter Revenue Rises Despite Soft Radio Advertiser Demand

Q4 Results

BCE INC., parent of BELL MEDIA, reported fourth quarter 2022 revenue increasing 3.7% year-over-year to C$6.4 billion, powered by growth in wireless, residential internet, and media segments, but net earnings fell 13.8% to C$567 million (C58 cents/share), blamed on asset impairment charges for the company's French-language TV stations, and Adjusted EBITDA increased 0.3% to C$2.4 billion. The Media division, which includes the company's radio stations, saw a 4.7% revenue increase to C$889 million, with radio not mentioned in the company's release other than a comment about "soft overall TV and radio advertiser demand due to unfavourable economic conditions."

"BELL's accomplishments in Q4 and throughout 2022 reflect consistently strong execution by the BELL team on our strategic initiatives and our customer-first approach," said Pres./CEO MIRKO BIBIC. "In 2020, we unveiled our new corporate purpose to advance how Canadians connect with each other and the world. Since then, we've been steadily delivering on our strategic initiatives in support of our purpose, and I am so proud of the BELL team for their dedication in serving our customers, communities and shareholders. The results speak for themselves: we delivered across all operating segments throughout the year, driving healthy 3.1% consolidated revenue and adjusted EBITDA growth."

"We capped off 2022 with another quarter of consistent and disciplined execution that drove a strong 3.7% increase in total revenue in Q4. We also delivered positive adjusted EBITDA growth, despite unprecedented cost pressures from inflation and record storms, an expensive and highly competitive Black Friday, and media advertising softness, which is a testament to our ability to execute under any condition," said CFO GLEN LEBLANC. "BCE's fundamentals and competitive position are as strong as ever, as evidenced by our 2022 operating results and consistent financial guidance targets for 2023. With healthy projected free cash flow growth, supported by declining capital expenditures, a strong defined benefit pension plan valuation position, as well as a continued focus on profitable subscriber growth and cost discipline, we are increasing BCE's common share dividend by 5.2% for 2023."

The company issued 2023 guidance for revenue growth of 1-5% and Adjusted EBITDA growth of 2-5%.

« see more Net News