MONTREAL - The parent of Bell Canada (TSX:BCE) has lowered its benchmark earnings estimate for this year in revised guidance issued this morning ahead of the company's annual shareholders meeting.
BCE Inc. is now estimating its full-year adjusted earnings per share will be no higher than $3.40 per share, which is below the low end of its previous estimate issued in February.
The revision was contained in first-quarter results issued by Canada's largest telecommunications and media company, which also increased its revenue guidance and free cash flow estimates as a result of acquiring Manitoba Telecom Services.
For the three months ended March 31, BCE reported adjusted earnings of 87 cents per share, which was up from last year and four cents above estimates compiled by Thomson Reuters.
BCE's net income attributable to shareholders was $679 million, or 78 cents per share, a decline of five per cent due to a combination of factors including higher severance payments and more shares outstanding.
Revenue was up 2.2 per cent compared with last year's first quarter, at $5.38 billion, due to higher service revenue at all three Bell operating segments.
